The DAX failed to make a new record high in February, running into resistance at 25,400 before falling sharply. The price broke below the 50 and 200 SMA to 23,590. The price is testing the rising trendline resistance at 24,000
The long lower wick on yesterday's candle and the hammer candle so far today suggest that a local bottom could be in for now.
Buyers would need to rise above the 200 SMA and horizontal support at 24,400 to be on a firmer footing. Above here, 24,700 resistance comes into play, the rising trendline and horizontal resistance.
Failure to close above the trendline and the 200 SMA keeps sellers in control. Should sellers take out 23,590, this creates a lower low and brings 23,400, the September low, into focus ahead of 22,900, the November low.
FC
The long lower wick on yesterday's candle and the hammer candle so far today suggest that a local bottom could be in for now.
Buyers would need to rise above the 200 SMA and horizontal support at 24,400 to be on a firmer footing. Above here, 24,700 resistance comes into play, the rising trendline and horizontal resistance.
Failure to close above the trendline and the 200 SMA keeps sellers in control. Should sellers take out 23,590, this creates a lower low and brings 23,400, the September low, into focus ahead of 22,900, the November low.
FC
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Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como, asesoramiento o recomendaciones financieras, de inversión, de trading u otro tipo, proporcionadas o respaldadas por TradingView. Obtenga más información en Condiciones de uso.