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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred.
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CFDs and forex spot transactions are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor lose money when trading CFDs and/or forex spot with this provider. 0.42% of retail clients trading in leveraged products experience a negative account balance after a stop out occurred. You should consider whether you understand how CFDs, forex spot transactions or any of our other products work and whether you can afford to take high risk of losing your money.
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Technical Update - DAX and EuroStoxx 50 rebound could have more legs to go but bear trend likely to resume

Technical Update - DAX and EuroStoxx 50 rebound could have more legs to go but bear trend likely to resume

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Strong rebound in Equities lifts DAX and Euro Stoxx 50. Rebound could be extended but expect selling pressure to resume. Opening gap from Tuesday is key to observe

 

DAX has rebounded strongly from lows. DAX formed Monday a Bullish Engulfing bottom and reversal candle indicating a rebound.
DAX has reached 0.382 retracement of the August to October down trend and approx. half of the September down trend. The rebound could continue at bit higher to around 12,915 i.e., the 0.618 retracement.
However, RSI is still showing negative sentiment (hasn’t closed above 60) with no divergence which indicates lower levels below 11,862 is likely.
DAX is likely to slide lower over the next few days and if DAX closes the gap from yesterday selling pressure is likely to accelerate. If that scenario plays out DAX is likely to test lows at 11,862 and most likely take it out.

The down trend picture on both short-term is still intact and will remain so unless DAX closes above 13,564. To reverse the and medium term down trend picture a close above 13,948 is needed

Source: Saxo Group

Similar picture on EuroStoxx50. Trading around the 0.382 retracement of the August to October down trend. No divergence on RSI and still negative sentiment. Rebound extend to around 3,581-3,600. However, if EuroStoxx closes that gap from yesterday morning bear trend is to resume.
For the short term down trend to reverse a close above 3,683 is needed.

Source: Saxo Group

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