Thursday was a day of losses on stocks. DAX started from 80 pts bearish gap and despite tries of fixing situation index ended day near daily low. Weakness of DAX was correlated with US S&P500 which tested yesterday 2,025 pts area, however managed to end day above key resistance 2,020-2,040 pts.

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Remember about bullish channel shown on the chart, DAX is moving inside it since February. If break of 9,820 pts area will be confirmed on Friday the consequences will be tragic for bulls. Then all this rebound in the channel will be just bullish correction. However we should not make any decisions yet. Both S&P500 futures and DAX started day from gains.

2016-05-20_podsumowanie_sesji_CZ_FDAX_D1

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Author of worldtrader.pl blog and big supporter of technical analysis. Active medium-term trader. In his analysis uses classical charts, price action as well as harmonic patterns and Elliott Waves. In trading he always tries to take into account two points of market's view, in accordance with the principle that each transaction may be attractive both for the demand and supply traders.