DAX Bearish sideways consolidation capped at 23,133The DAX continues to display a bearish outlook, in line with the prevailing downward trend. Recent price action suggests an oversold bounce back, potentially setting up for another move lower if resistance holds.
Key Level: 23,113
This zone, previously a consolidation area, now acts as a significant resistance level.
A failed test and rejection at 23,113 would likely resume the bearish momentum.
Downside targets include:
22,183 – Initial support
21,916 – Intermediate support
21,566 – Longer-term support level
Bullish Scenario (breakout above 23,133):
A confirmed breakout and daily close above 23,133 would invalidate the bearish setup.
In that case, potential upside resistance levels are:
23,420 – First resistance
24,640 – Further upside target
Conclusion
DAX remains under bearish pressure, with the 23,133 level acting as a key inflection point. As long as the price remains below this level, the bias favours further downside. Traders should watch for price confirmation around that level to assess the next move.
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