After an almost 20% rally from its low the German DAX has run into a significant area of resistance.
(1) Previous horizontal support @ 14900-15000 now turned into possible resistance (massive supply overhead)
(2) Downtrend connecting the highs from the beginning of the year come into play here
(3) Holding down on the 50day moving average (purple line)
(4) Run into the 61.8% fib retracement from recent high and low, also provided resistance
(1) Previous horizontal support @ 14900-15000 now turned into possible resistance (massive supply overhead)
(2) Downtrend connecting the highs from the beginning of the year come into play here
(3) Holding down on the 50day moving average (purple line)
(4) Run into the 61.8% fib retracement from recent high and low, also provided resistance
Comment:
Dax perfect topping area and now back to 23.6 fib retracement area
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