Technical Analyst, Saxo Bank Group
The GER40 cfd/DAX future dipped below key support at 16,707 bouncing back above the 0.618 retracement of the 2020 trough to September 2021 peak.
To build on the rebound momentum GER40 needs to break above 12,690 for further upside momentum. If it manages to do that there is strong resistance at around 12,897-12,938.
If the future slides back below Thursday low at 11,933 bear trend is to resume and last week’s low at 11,808 is likely to be taken out.
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