DAX- Technical Analysis – FX-Insights
The DAX index has clearly broken out of its upward channel (purple lines) on a daily time frame. However, after a little correction we can see that the price has bounced back up from the 61.8% retracement level of Fibonacci. This is an important signal because this represents the strength for the overall bull trend.
The RSI has turned lower near the oversold territory and it is trading in line with the price action for the moment which means that as long as it stays under the green trend line and in line with the price action, we may have a bias to the downside for further correction.
Important Zone
9057-8983 Support
9794-9699 Resistance
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