Dax consolidates after a strong open
- Overnight news has seen the DAX break higher on the open.
- For those looking for rallies to get short this looks like that move.
- For those waiting for good news for the longer term rally to continue then last night was it.
The bigger picture
- In the bigger picture, on the upside we have what looks like a messy head and shoulders.
- On the upside we have a pivot point and the 61.8% fib level for the move down from 9795 to 9286 coming in at the 9600 level.
- On the downside we have this weeks low at 9286.
- We then have the 100 daily exponential moving average at 9104 which has held well on the move up so far.
- We then have the 8991 December 2013 lows.