Circumference of a circle, Pi. Calculating it in backtesting it can provide reliable, resistance/support levels and entry points. Research: The Geometry of a Pattern.
Comment:
12150 did not hold at the moment, lets see if the price comes back in the circle and above 12150, which will confirm that the price is consolidating and will reverse to the upside, otherwise next support is around 12080.
Comment:
Price plummets, it is not just because of hawkish Fed comments on interest rates, the Hacker attack on German Ministry of Defense is contributing a lot in the move. www.tagesspiegel.de/...esnetz/21019690.html
Comment:
After the big plunge regarding the turbulence with the elections in Italy and Germany's forming of coalition the Dax30 price has consolidated and rocketed to the upside and is now pivoting around the important level of 12150. As soon the price enters in the circle and daily closes inside the circumference of it, we can see opening door for the price to stretch the move up towards 12300.
Comment:
Now trend line resistance at 12285.
Comment:
Uncertainty over Italy's forming a government weighs on stocks, DAX30 in negative now - 12147.
Comment:
The the border of the circle has turned in to quite strong resistance in the last three trading session, as we move away from the proximity of it, we may encounter another attempt for a move and close inside the circumference of it, which should make space for more gains in the following days.
Comment:
The price movement went as expected, the borders of the circle showed as crucial resistance for the price to go up again, the confirmation came with yesterday's close of market inside the circumference of the circle. Focus now if the price gains momentum and the price edges up over 12300/12330
Comment:
Next Level of resistance 12450.
The Trade Academy R&D Team