The DAX is deep in a correction. After a massive drop below the psychological 23.000-point mark. the index was only able to find a tentative bottom at the overarching trend line. The current technical rebound has now brought the price back exactly to the 23.000 mark - the former support level has now turned into resistance.
The scenarios:
- Bearish: If the 23.000 mark is not recaptured. the technical breakout remains active. A renewed sell-off toward 22.000 or even 21.500 points is then likely.
- Bullish: Only a sustained rise above 23.200 to 23.900 points would brighten the short-term outlook and pave the way back to the old trend.
The Big Picture:
Despite the painful correction. the overarching uptrend remains technically intact as long as the index does not fall below the critical 18.500-point level. We are currently in a volatile macro consolidation phase. The coming days around the 23.000-point mark will be decisive: recovery or continuation of the correction?
The scenarios:
- Bearish: If the 23.000 mark is not recaptured. the technical breakout remains active. A renewed sell-off toward 22.000 or even 21.500 points is then likely.
- Bullish: Only a sustained rise above 23.200 to 23.900 points would brighten the short-term outlook and pave the way back to the old trend.
The Big Picture:
Despite the painful correction. the overarching uptrend remains technically intact as long as the index does not fall below the critical 18.500-point level. We are currently in a volatile macro consolidation phase. The coming days around the 23.000-point mark will be decisive: recovery or continuation of the correction?
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.