Technical Technical Technical

Technical Update - DAX

Equity 3 minutes to read
KCL
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

Source: Saxo Group

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.

Source: Saxo Group
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