Bottom line: DAX remains bearish against 13800 levels, in the long run. The counter trend rally has now hit resistance around 10700 levels as traders prepare to resume lower again.
Fundamental Outlook:
DAX outlook looking gloomy alongside Global Indices, as investors fear worst ever recession ahead. The indice has managed to loop back towards 10600/700 levels and a push higher might attempt to fill gap around 11200, going forward. That being said, the decline may soon resume towards 8000 levels.
WTI Crude drops historically, printing below the $1 per barrel mark yesterday. The year 2020 has seen 65.62 being print in early January and now 0.01 lows in April. OPEC members had agreed to cut production by around 10 million per day, along with Russia and Saudi Arabia agreeing to end price war. Nothing could stop a 99.95% drop in WTI Crude prices yesterday.
Events to watch today:
05:00 AM EST Euro Zone ZEW Survey
05:00 AM EST German ZEW Survey Expectations
Technical Analysis:
DAX counter trend rally seems to be close to termination as prices test resistance around 10600/700 levels again. A push above recent swing highs could open doors to 11200/300 levels before resuming lower again.
Strong counter trend rallies in a bear market is common and technically healthy. Please note that DAX has retraced up to fibonacci 61.8% of the recent drop from 12300 through 8200 respectively. High probability remains for a bearish reversal around current price action.
Immediate price resistance is seen at 12300, while interim support comes in around 9340 mark respectively. With respect to price action, a push below 10243 would trigger further sell off and confirm a meaningful top in place already.
Most traders might be willing to initiate fresh short positions between 10600 and 10750, with protective stops above 12300 and projected targets below 8000.
Prepared by
Harsh Japee, Technical Analyst.
DAX Chart
MyFxtops 邁投 (www.myfxtops.com) -Reliable Forex Copy Trade community, follow the master for free to trade!
Disclaimer: This article is reproduced from the Internet. If there is any infringement, please contact us to delete it immediately. In addition: This article only represents the personal opinion of the author and has nothing to do with Mato Finance The originality and the text and content stated in this article have not been confirmed by this site. The authenticity, completeness and timeliness of this article and all or part of the content and text are not guaranteed or promised. Please refer to it for reference only Verify the content yourself.
Copyright belongs to the author.
For commercial reprints, please contact the author for authorization. For non-commercial reprints, please indicate the source.
MyFxtops迈投(www.myfxtops.com)-靠谱的外汇跟单社区，免费跟随高手做交易！
免责声明：本文系转载自网络，如有侵犯，请联系我们立即删除，另：本文仅代表作者个人观点，与迈投财经无关。其原创性以及文中陈述文字和内容未经本站证实，对本文以及其中全部或者部分内容、文字的真实性、完整性、及时性本站不作任何保证或承诺，请读者仅作参考，并请自行核实相关内容。
著作权归作者所有。
商业转载请联系作者获得授权，非商业转载请注明出处。
