TP 13,141 hit, tested the first support, new pattern emerging

2018년 5월 23일

As mentioned on the previous analysis, DAX was on a 1D Channel Up (RSI = 58.600, MACD = 166.500) that hit our 13,141 target and under overbought pressure it broke to the downside and nearly tested the first support at 12,919.58. As seen on today's 1D candle, the Channel Up pattern is technically broken (STOCHRSI = 0, ADX = 53.909, CCI = 48.7206, Highs/Lows = 0) at least marginally. If tomorrow it gaps above 13,050 on opening, then the pattern is still valid. Otherwise after a small rise to 13,028 it should decline and until June 06 even reach the lowest support = 12,747.15. After that point, a strong multi week bullish rebound is expected towards 13,350. So if you don't wish to short this and take a safer approach on the medium term, buy on every support you see with a tight (10 pip) SL.