DAX Buy opportunity on the 1D MA200 and bottom of Channel Up.

2023년 8월 23일

DAX is on the 3rd straight green 1D candle after it almost hit the 1D MA200 (orange trend-line) last Friday, which is intact since November 10 2022. This rebound comes as a natural reaction to the long-term Support dynamic of the 1D MA200 as well as the presence of Support 1 from the July 07 Low.

As long as it holds, we will take it as a buy opportunity and target 16700 (Internal Higher Highs trend-line). If it closes a 1D candle below the 1D MA200, we will take the small loss and open a sell targeting Support 2 at 14470.

Notice how even the 1D RSI almost hit the 34.70 Support and is rebounding, which is an additional buy signal. Don't neglect also the fact that Friday's low was formed at the bottom of the 7-month Channel Up pattern.

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