Technical Update - GER40/DAX gapping lower
Kim Cramer Larsson
Technical Analyst, Saxo Bank
GER40 cfd/Future gapped lower this morning at the opening and selling has continued. We are back in the correction area from October/November 2020 currently trading around the 0.764 Fibonacci retracement level at 12.498. however, there is no real strong support in this area before 11,508.
If there is not buyers around to lift the market and close the gap within next couple of days the support is not unlikely to be tested.
There is no divergence on RSI on both Daily and Weekly time period indicating lower levels.
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