DAX – Attempting bearish break from rising channel

INDEX:DAX   DAX Stock Index
Support – 9770, 9581, 9500

Resistance – 9905, 9960, 10,050

  • Dax’s failure to sustain above falling trend line if followed by a daily close today below rising channel support would indicate bullish invalidation and open doors for a further drop to 9500 levels in next few days.
  • In case, the daily close is above rising channel support, a case of rebound tomorrow or later this week remains intact.
  • However, bullish momentum is seen gathering pace only above falling trend line resistance.
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