I think is just about time to explain why TA (technical analysis) works regardless of the naysayers and fundamental analyst that try to evaluate the “intrinsic” value of a security. Take as example my latest post on DAX analysis (14 October 2018) where succesfully have “predicted” the fall of the index having as target 10300 that will probably reached in the next few days
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This week I am featuring a couple of charts from Aaron that has been a interesting contributor in the past.
The first chart showing how the Dax30 broke below the wedge and was rejected from the 200DMA.
Just a quick update for a meaningful Dax movement I was expecting for. The head and shoulder pattern unfolded breaking the neckline at 11700 and at the same time a medium term upward channel (1).
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One of the most important lines to keep well in mind when trading are undoubtebly historical levels of support and resistance that proved to be key signals for a long or short position. A broken resistance or support or a rejection would give a major hint on the direction of a trade. Trading the smaller timeframes having in mind a broader perspective doesn’t hurt at all.
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Really a bad week for the DAX, that broke the 12K mark and has been hovering below, and regained the level just on the futures market helped by Wall Street recupering ground in the final hours. Technically the DAX has broken the bearish flag on the daily chart.
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