TradingShot

DAX Can decline more before finding a bottom

Short
CURRENCYCOM:DE40   Germany 40
DAX had an excellent run since our buy signal two months ago (March 21) but has since formed a top and is pulling back (see chart below):


The price is below the 4H MA50 (blue trend-line) and today is testing the 1D MA50 (red trend-line) for the first time since March 29. The 1D RSI is still neutral around the 50.00 mark, meaning that there is still more room left on this downside. The next technical Support is the 1D MA100 (green trend-line), which is on a significant Support cluster as it is just above the October 01 Higher Lows trend-line.

We expect a bottom to be made at 15500, it offers a solid R/R ration for buying and that is what we will go, targeting 16300 and the previous High, which was the first target of the late March rebound.

An addition signal to help with taking the best buy entry possible, can be the 1D RSI. A Double Bottom at least (especially as close to the 37.80 Support as possible) would be ideal.

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