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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider.
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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money. Losses can exceed deposits on some products.
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Technical Update - DAX bounce starts to get some headwind. Can it overcome or will it retreat?

Technical Update - DAX bounce starts to get some headwind. Can it overcome or will it retreat?

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank Group

DAX has reached the 0.618 Fibonacci retracement of the August sell-off at 13,434, a few points below the falling 100 SMA. At the time of writing RSI is being rejected at 60 i.e., still in bearish sentiment. RSI is the key indicator here. If it manages to close above 60 there is more upside in store for DAX. A test of the medium term falling (black) trend line will be likely. If the falling trendline is broken 13,948 is key resistance.
If RSI does not close above 60 market is likely to retrace and if DAX drops below 13,088 selling pressure is likely to accelerated pushing DAX to key support at around 12,400.

Source: Saxo Group

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