Technical Analyst, Saxo Bank
RSI still above 40 i.e., positive sentiment but if we see lower levels RSI is likely to break the 40 threshold moving in to negative territory adding to the bearish picture.
For DAX to reverse this bearish picture a close above 14,676 is needed.
If 13,564 is taken out DAX will be looking at 13K
GER40 level: Support at around 13,570. See second chart below
RSI divergence explained: When the price of an instrument is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend
Author is holding a short position in this DAX
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