Technical Update - DAX
Kim Cramer Larsson
Technical Analyst, Saxo Bank
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.
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