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Dax: Keep watching that gap!
Summary: Germany's Dax index has bounced off strong support so the gap remains in situ. Saxo technical analyst Kim Cramer-Larsson gives us a quick briefing of the levels to watch and what they mean.
The Dax firmly bounced off strong support at around 11,854, meaning that the gap is still intact. The bounce reached 0.786 retracement – a bit more than anticipated. However, sellers quickly regained from the get go this morning.
RSI is still bullish since it has not been below the 40 threshold. However, a close of the gap will most likely push RSI below. It is crucial for the Dax not to close the gap – unless you are short, that is.
A close of the gap is likely to fuel a further sell-off towards 11,250.
A close above 12,310 is needed to reverse the downwards pressure.
RSI is still bullish since it has not been below the 40 threshold. However, a close of the gap will most likely push RSI below. It is crucial for the Dax not to close the gap – unless you are short, that is.
A close of the gap is likely to fuel a further sell-off towards 11,250.
A close above 12,310 is needed to reverse the downwards pressure.