Last week’s strong closing candle is coming from a big area with long-term implications. The head-and-shoulders top I’ve been discussing for months had its neckline thoroughly tested after it broke in October. Retests are a common occurrence for these types of patterns before their full bearish potential is realized. In confluence with the neckline is the decisively falling 200-day MA, the underside of the 2011 trendline which was also ...
The trend is undeniably weak since hitting a record high in June, the weakest of major global indices at this time. The euro continuing to press on to two-and-half year highs is certainly not helping the cause for investors. The correlation between the DAX and euro is a strongly negative 87% over the past three months. For traders, the trend higher in the euro, lower in the DAX has provided opportunity in a low-volatile global market environment. It’ll be interesting to see if the strong relationship ...
W1 price is located to be below yearly Central Pivot at 10,807 for the crossing 9,807 support level together with descending triangle pattern with the bearish breakdown for the S1 Pivot at 9,190 as the next bearish target: "The DAX is rangebound over the last three days with Friday’s high of 10,123 (NFP high) capping price, while this week’s low of 9,659 is supporting price. As the trend is bearish since December, the primary bias for the German DAX is to trade downwards. The ...
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