Technical Update - DAX/GER40
Kim Cramer Larsson
Technical Analyst, Saxo Bank
Despite US equities closed higher yesterday DAX doesn’t seem to be able to break higher. For the rebound since the 7th March trough around 12,500 to regain traction DAX needs to close above the Bear Engulfing formed Wednesday. A Bear Engulfing candle is top and reversal candle. If that scenario plays out a test of 15K is likely.
If the GER40 cfd/future breaks above 14,580 it will be a good indication 15K could be tested.
A daily close on DAX below 13,989 is likely to bear trend to resume. RSI is still below 60 which indicates the bear trend to resume.
Quarterly Outlook Q2 2022
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