DAX sideways on its ATH. Potential pull-back.
Two weeks ago, the consolidation on the 1D MA50 (blue trend-line), gave a clear buy extension signal on DAX:
The 16000 Target has been hit and the index is consolidating around its 16030 former Resistance and ATH for 5 straight 1D candles. This is a sign of technical exhaustion of the dominant trend which is bullish, so if the Channel Up breaks its Higher Lows trend-line, I expect a full pull-back towards the 1D MA50. As long as it doesn't though, the bullish trend remains intact.
In either case, the target is the 1.382 Fibonacci extension (roughly within 16450 - 16500), which is still below the Higher Highs trend-line that has been keeping DAX below since April 16.
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The 16000 Target has been hit and the index is consolidating around its 16030 former Resistance and ATH for 5 straight 1D candles. This is a sign of technical exhaustion of the dominant trend which is bullish, so if the Channel Up breaks its Higher Lows trend-line, I expect a full pull-back towards the 1D MA50. As long as it doesn't though, the bullish trend remains intact.
In either case, the target is the 1.382 Fibonacci extension (roughly within 16450 - 16500), which is still below the Higher Highs trend-line that has been keeping DAX below since April 16.
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Please like, subscribe and share your ideas and charts with the community!
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.