InvestingScope

DAX: Inverse Head and Shoulders on 1W. Long term approach.

XETR:DAX   DAX Index
DAX is on a very strong bull run since its December bottom, maintaining the trend on a 1D Channel Up that was recently broken to the upside ( RSI = 71.535, MACD = 158.900, Highs/Lows = 203.0988). The index now enters into the overbought zone and the Inverse Head and Shoulders pattern on 1W suggests that it will approach the 12,460 neckline before any meaningful selling (profit taking) occurs (11,870 the Support).

As we see on the chart in the past two years DAX has a tendency of respecting its long term patterns: the 10,200 1M Support contained successfully the 2018 bear market while before that the Head and Shoulders pattern (that led to the ATH ) was respected. If you are a long term investor, this chart suits your needs.








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