empty
 
 
07.03.2023 02:43 PM
DAX index vulnerable over the coming weeks, to a reversal towards 14,500-14,100.

This image is no longer relevant

Black lines- bearish RSI divergence

Red line- expected path

Green line- support trend line

DAX index has been in a bullish trend since mid September when price was making a low around 11,800. Now trading around 15,700, short-term trend remains bullish with price making higher highs and higher lows. However there is a warning sign by the RSI that implies a weakening up trend for some time. The RSI has been making lower highs for several weeks now. The bearish RSI divergence suggests that we could see a reversal in the Daily chart soon. This is not a reversal signal. This is just a warning. Support by the green support trend line is found at 15,220. Upside potential is limited to a move towards 16,000. Our expectation is for price to reach the yellow rectangle and reverse. A break below the green trend line will confirm the start of the reversal.

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 April 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