Technical Update - DAX/GER40 cfd
Kim Cramer Larsson
Technical Analyst, Saxo Bank
DAX/GER40 cfd continued its bounce last week jumping above 0.50 Fibonacci retracement to trade around the 0.618 retracement. For DAX to continue its rebound a Daily close above 14,555 is needed. If that scenario plays out next resistance is at 0.764 retracement at 14,957 but DAX could peep above 15K.
However, RSI is still below 60 threshold and for DAX to gain momentum a close above is needed.
If DAX trades below 13,989 (13,919 on the GER40) the Index is likely to resume downtrend.
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