Sunday, 26 June 2016

Weekly Levels of Dax & Dow for 27th June to 01st July

Dax

This week Dax spot went up 709 points & went down 405 points from last weeks close and finally ended the week with a loss  of 74 points compared to last weekly closing. From the close of Thursday before the referendum it fell around 1013 points on the confirmation of Brexit intraday but managed to recover a bit and closed the day with a loss of 700 points . 

Dax has strong support near 9185 which can be tested if it closes below its monthly support of 9422 . Holding 9422 on closing is required to see it test 9630 - 9775 - 9825 where it may face resistance again .

In the coming week Dax needs to break and sustain above 9825 to confirm uptrend and then one can expect a move till 10108 initially and breaking and sustaining above 10179 will give further confirmation for the next move which can take us till 10692. Similarly Dax needs to break and sustain below 9289 to confirm downtrend and then one can expect a move till 9006 initially and breaking and sustaining below 8935 will give further confirmation for the next move which can take us till 8423.


Dax Levels for the week are

Long above 9723 , Tgt  9825 - 9908 - 9990

IF Dax manages to get a close / sustain above 10108 then ,

long again for 10179 - 10423 - 10691

Short below 9392 , Tgt 9289 - 9207 - 9124

IF Dax manages to get a close / sustain below 9006 then, 

short again for 8935 - 8691 - 8423



Dow

This week Dow went up 336 points & went down 319 points over last weeks close and finally ended the week with a loss of 275 points compared to last weekly closing. From the close of Thursday before the referendum it fell around 655 points on the confirmation of Brexit intraday and closed with nearly a loss of 611 points over the previous days close . 

Dow has strong support near 17144 which can be tested if it closes below its monthly support of 17319 . Holding 17319 on closing is required to see it test 17452 - 17586 - 17622 where it may face resistance again .

In the coming week Dow needs to break and sustain above 17622 to confirm uptrend and then one can expect a move till 17855 initially and breaking and sustaining above 17914 will give further confirmation of the next move which can take us till 18336 . Similarly Dow needs to break and sustain below 17180 to confirm downtrend and then one can expect a move till 16946 initially and breaking and sustaining below 16887 will give further confirmation of the next move which can take us down till 16465.

Dow Levels for the week are

Long above 17537 , Tgt 17622 - 17690 - 17758

IF Dow manages to get a close / sustain above 17855 then 

long again for 17914 - 18115 - 18336

Short below 17264 , Tgt 17180 - 17112 - 17043

IF Dow manages to get a close / sustain below 16946 then 

short again for 16887 - 16686 - 16465

This week could set the trend for the next big moves

P.S. Always wait for the yellow highlighted levels to be crossed after taking a long/short position for confirmation of the trade . Once the highlighted levels are crossed and the next target is achieved move your Stoploss to the highlighted levels .

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Disclaimer : These are my personal views and trades taken on them should be done with a strict trailing stop loss