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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% 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.

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DAX under pressure again, set to test October low

DAX Xetra (cash index)

Downside pressure grows on the DAX and what seems to have been a negative drift is accelerating into a more considerable correction.

We spoke yesterday about using intraday rallies as a chance to sell as the market posts lower highs and lower lows under a falling trend and negative momentum signals.

The concern will now be growing this morning as the MACD lines are today posting a bear cross, which is the first since early October when the market accelerated sharply lower.

A test of the October low at 11,051 is now highly likely to be tested.

Negative daily momentum indicators have downside potential and there is a continuation to see any intraday rallies as a chance to sell.

  • A break below 11,051 would actually also break a primary uptrend that dates back to 2011 and open 10,400.
  • There is initial resistance at 11,233/11,310 with the resistance band 11,400/11,460 bolstered.

 

Richard Perry

Richard Perry

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