Stocks: Let's Look At The DAX (GER 40) Performance. It's Close To Levels From The First Quarter
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Relevance up to 15:00 2022-07-19 UTC+2 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
DAX - GER 40 Chart
Green lines- expected size of decline
Black lines- Fibonacci retracements
Blue rectangles- lower highs
Red line- neckline resistance (once support)
German Dax index is trading around 12,455 very close to the March 2022 lows. At 12,250 we also find the 50% Fibonacci retracement of the entire rise from 2020 lows so expect to find bulls defending this area. Failure to keep price above this Fibonacci level, will increase chances for a move lower towards 11,300. DAX remains in a bearish trend making lower lows and lower lows. We mentioned in previous posts that the rejection at the neckline resistance was the major sell signal and price is now moving according to our expectations in order to reach the 61.8% retracement target.
