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You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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DAX falls over again but is it just another chance to buy?

DAX Xetra (cash index)

Having been positively configured on a breakout to multi-month highs earlier this week, the move has turned on its head, with a correction which is threatening the bullish outlook.

A bearish candlestick yesterday with a 185 tick loss on the day (-1.5%) has been followed by another gap lower this morning.

A 5 week uptrend has been broken, although this comes within the bigger 12 week channel, and the risk is now for a retreat back towards the channel support currently around 11,420.

The bulls will continue to console themselves with the market trading above the 11,370/11,415 key medium term pivot band, but sentiment is now threatening corrective.

How this develops now in the next session of two will be key, as for now, there is a positive medium term configuration on RSI (still above 50) with MACD and Stochastics lines still positively set up even though they have all ticked lower near term.

  • There is an old pivot at 11,555 on the hourly chart which is an initial gauge of support and if this is decisively breached there could realistically be a retreat back towards 11,370/11,415 again.
  • How the market also responds to this morning’s gap lower will be key, and a failure to close the gap at 11,600 will be a signal to suggest the near term correction is being accepted.
  • A move back above 11,677 would re-open the recent high of 11,826 again.
  • There is minor support at 11,487.

 

Richard Perry

Richard Perry

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
70% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Please click here to view our Risk Disclosure.

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