Technical Update - GER40 (DAX)
Kim Cramer Larsson
Technical Analyst, Saxo Bank
GER40 cfd (DAX future) seems to get rejected at the 0.50 Fibonacci retracement level at around 14,084. Selling pressure is likely to resume. A selling pressure that will likely intensify if GER40cfd is being pushed below 13,273. If that scenario plays out new lows are likely. An early warning sign of that possible scenario is if RSI drop back below its trend line.
However, if GER40 trades above 14,100 a move to 0.618 retracement is likely but a move to 15K would not be out of the question. However, 14,830 is strong resistance
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