DAX, H4 - an upper limit in an upward channel has been broken
The German DAX index definitely overcame the upper limit in the upward channel. Thus, it shows how much determination have bulls. However, thanks to this, the price approached the previously described range for the target of the potential inverted head and shoulders pattern.
The textbook target is at the level of 10389 points. Just below it, the resistance may be set by the expansion of 161.8 percent. The first closest potential support seems to be at the broken upper limit in the trend channel.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The textbook target is at the level of 10389 points. Just below it, the resistance may be set by the expansion of 161.8 percent. The first closest potential support seems to be at the broken upper limit in the trend channel.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
