SPX & DAX Stable – Traders Cautious On Geopolitical Tensions
Arslan Butt • 1 min read
The global stock markets are quiet, but the ongoing tensions between the US, Russia, and Syria are keeping investors away from the market. Let’s take a look at the technical outlook of S&P500 and German30…
SPX – S&P500 – Ascending Triangle Pattern
You can see an ascending triangle pattern on the hourly chart. The pattern is providing solid resistance at $2,662 along with a support near $2,640. The ascending triangle pattern typically breaks out on the upper side. If this happens, we may see SPX soaring towards $2,672 and $2,680.
S&P500 – 2 – Hour Chart
Key Trading Level: 2652.7
DAX – German30 – Descending Triangle Breakout
On the flipside, the DAX has broken out of the descending triangle pattern to trade at $12,350. You can also notice a 50-period EMA bullish crossover on the hourly timeframe.
German30 – Hourly Chart
Key Trading Level: 12310.7
You can see a descending triangle breakout on the hourly chart. Technically, the DAX needs to come down towards 12310 to complete a retracement before it continues another bullish wave. I will be looking for bullish entry near 12310. Since both of the setups are based on triangle patterns, I would highly recommend all the newbies to study FX Leaders Triangles and Wedges – Forex Trading Strategies to take profitable positions.