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Short

Short the DAX30!

INDEX:DAX   DAX Stock Index
118 0 5
The daily trend is in a Downtrend technically indicated by following:
• Dow pattern- lower tops and lower bottoms
• Prices are currently trading below the downtrend line.
• Prices broken the uptrend trend line .
The downtrend is confirmed by the bearish cross of MA10 above MA20.
Prices are trading below the resistance level at 11455.30.
Confirmation of MACD: Divergences should be taken with caution.
Bearish divergences are commonplace in a strong uptrend.
• Higher highs on price chart and lower highs on oscillator chart.
MACD is below the equilibrium level – zero (0).
Therefore, I will recommend SHORT POSITIONS for the no position holders on DAX30             . Take profit at 10709.35-10594.32 area the 161.8% Fib extension level. Stop loss should be a bit above the resistance level-R1, thus the stop loss is at 11664.86.
For SHORT-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
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