DAX WEEKLY AND MONTHLY RSI PERSPECTIVE (UPDATE II)
This is my RSI perspective for the timeframes Weekly and Monthly. I try not to attach too much value to these types of views, as they say little about price and divergence between RSI and price can go on for a long time.
Monthly:
Looking at monthly RSI i see a strong case for more weakness in December. RSI has fallen through the 2009 rising trend support and has back tested this trend as resistance. If monthly RSI does not manage to stay above 50 i think there's a high probability of RSI visiting the 39-40 area this year or the beginning of 2016. This could mean for price to drop towards 8.3k. Quite the drop and possibly the confirmation of a bear market.
Weekly:
Looking at weekly RSI i'm seeing the similar weakness as on Monthly. If RSI manages to fall below 50 here it's back to the yellow support area where it will either make a double bottom or a new low. If RSI makes a new low, it could mean that price will do a retest of the rising price trend line and visit the 10k area this or beginning of next month.
Overall:
I haven't viewed the RSI perspective on high time frames for a few weeks and i was quite surprised by the weakness i found.
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Monthly:
Looking at monthly RSI i see a strong case for more weakness in December. RSI has fallen through the 2009 rising trend support and has back tested this trend as resistance. If monthly RSI does not manage to stay above 50 i think there's a high probability of RSI visiting the 39-40 area this year or the beginning of 2016. This could mean for price to drop towards 8.3k. Quite the drop and possibly the confirmation of a bear market.
Weekly:
Looking at weekly RSI i'm seeing the similar weakness as on Monthly. If RSI manages to fall below 50 here it's back to the yellow support area where it will either make a double bottom or a new low. If RSI makes a new low, it could mean that price will do a retest of the rising price trend line and visit the 10k area this or beginning of next month.
Overall:
I haven't viewed the RSI perspective on high time frames for a few weeks and i was quite surprised by the weakness i found.
* Like this chart? Feel free to give it a thumbs up!
