Forex Trading Library

DAX- Looks to be forming a bearish Head and Shoulders

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Monthly: Looks to be forming a bearish Ending Wedge pattern. A break of trend line support at 12048 and the measured move target is 8695. Rallies above 12800 have found sellers in May and June 2017 and May of 2018.

Weekly:  We looking to be forming a bearish Head and Shoulders pattern. A break of 11633 (neckline) is needed to confirm the pattern. The measured move would then be 9764. We posted a bearish Outside Week (often an indication that a top is in place) at the 78.6% pullback level of 13195 (from 13601-11706). Bespoke resistance is located at 12935

 

Daily: A full AB=CD corrective formation is located at 13250. With this in mind, we prefer to sell a break of support to trigger our medium term sell trade idea.

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