Technical Analyst, Saxo Bank Group
DAX ran out of steam a few points below key resistance at around 14,952 and below the 0,764 retracement at 14,958.
RSI got rejected at 60 i.e. still showing bear sentiment.
The Index is back below 55 daily SMA (Simple Moving Average). 55, 100 and 200 SMA’s are all falling supporting the picture of an underlying negative sentiment.
The 5 wave down scenario outlined earlier this year is still intact and will remain intact as long as DAX is not closing above 15K.
However, DAX could be stuck in a range between 14,900 and 14,000 next few days. We could see selling pressure intensify over the next few days. If closing below 14K selling pressure is likely to intensify.
GER40 cfd (DAX Future) rejected at the 0,764 Fibonacci retracement If breaks below 14K selling pressure likely to pick up and bear trend to resume.
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