empty
 
 
21.03.2023 04:56 PM
Technical analysis on DAX for March 21st, 2023.

This image is no longer relevant

Black lines- bearish RSI divergence

Violet lines- Fibonacci retracements

DAX index is bouncing strongly towards 15,300. In our previous posts we anticipated a decline towards 14,500 where we find the 61.8% Fibonacci retracement. Price made a low just below the 14,500 level and is now bouncing higher. The bearish RSI divergence in DAX warned us on time for the coming pull back. Price retraced 61.8% of the rise from 13,786. The 61.8% Fibonacci level provides a key short-term support and reversal level. In our case DAX respected the support and is bouncing higher. Bulls are gaining momentum. Bulls do not want to see DAX index back below 14,500. That would be a bearish signal and would put 13,786 low in danger.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In June we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback