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DAX – Reverse Head & Shoulder formation confirmed

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Technical

DAX – Inverse Head and Shoulders on Short term charts

Weekly: The DAX has undergone a large correction over the past 50 weeks having reached a high at 13601 in January 2018. The move lower has stalled close to the 61.8% Fibonacci retracement level at 10569 after posting a low of 10281.  A bullish hammer candle formed on the weekly charge, which suggests that the near-term sentiment is about to shift.

Daily:  The DAX completed a large head and shoulders top pattern on the move below support at 11703 and we now expect this to act as resistance. A corrective rally is already underway, and we expect this to play out over the coming weeks before selling resumes, considering the longer-term timeframe.

We look to Buy at 11050

Stop: 10930

Targets: 11670 and 12100

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