Technical Update - DAX
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
With the bullish move yesterday, DAX cancelled out the Bearish Engulfing candle recorded 23rd March. Yesterdays market peaked a few Euros from the 0.764 retracement and Bull/Bear pivot at around 14,952. Todays weak opening below the 55 SMA seems to put a damper the positive mood. RSI got rejected at 60 threshold. It needs to close above for positive sentiment which would most likely need a price move above 15K to occur.
If DAX cannot close above the 14,952 level the 5 vawe down scenario is still intact and we are experiencing the 4th corrective vawe. If DAX drops back below 14,476 selling pressure could intensify
Bigger picture. Weekly chart. DAX has retraced 0.618 from all-time highs to trough three weeks ago after the Ukraine war break out. The 0.618 Fibonacci retracement coincide with the key resistance at 14,816.
Quarterly Outlook Q2 2022
Quarterly Outlook Q2 2022: The End Game has arrived
- Shocks from covid and the war in Ukraine have forced the global financial and political world to change, but what will the end game be?
Productivity and innovation have never been more importantAs the world economy hits physical limits and central banks tighten their belts, could equities be facing a 10-15% downside?
The great EUR recovery and the difficulty of trading itIf the terrible fog of war hopefully lifts soon, the conditions are promising for the euro to reprice significantly higher.
Tight commodity markets – turbocharged by war and sanctionsWith supply already tight, commodities keep powering on. But will it last for yet another quarter?
Between a rock and a hard placeGeopolitical concerns will add upward price pressures and fears of slower growth, while volatility will remain elevated.
The Great ErosionInflation is everywhere and central banks try to combat it. But will they get it under control in time?
Australian investing: Six considerations amid triple Rs: rising rates, record inflation and likely recessionWhile global financial markets are struggling in an uncertain world, the commodity-heavy Australian ASX index is poised to keep a positive momentum.
Cybersecurity – the rush to catch up with realityWith the invasion of Ukraine, governments and private companies are rushing to reinforce their cyber defenses.
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