Dax hits support as bears drive price action
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
Summary: Bears remain in control of the Dax index, but a minor rebound appears likely. We still see strong support just above the 10,000 level.
The trend is bearish with no Relative Strength Index divergence indicating that we are likely to see lower levels into the end of 2018 and going into January.
We do, however, see strong support just above 10,000.
For the index to reverse this medium- to longer-term bearish trend, a close above 11,690 is needed, but I do not really see that scenario unfolding any time soon.
We see strong resistance at around 11,690.
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