empty
23.09.2022 04:29 PM
New weekly lows for DAX.

This image is no longer relevant

Blue rectangles- lower highs

Black lines- Fibonacci retracements

Red line- neckline support (broken)

Green lines- expected move

Near the end of August we warned that September would be a difficult month for DAX bulls. In September DAX managed to bounce towards 13,970 but failed to keep the short-term bullish trend. Instead price formed a lower high and this week we see DAX break below key lows. Dax is breaking below both August and March lows. This is a very important bearish sign. Our view remains bearish on DAX. Our target remains around the 61.8% retracement or around 11,300 price level. Key short-term resistance is found at 13,563 and as long as we are below this level, we remain bearish.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
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

Recommended Stories

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

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.