DAX Found Support on the Megaphone's Higher Lows.

DAX is on the 8th straight sideways 1D candle as it found Support on the bottom (Higher Lows trend-line) of the long-term Bullish Megaphone pattern. The 1D MA50 (blue trend-line) is the short-term Resistance while the price is trading around the 1D MA100 (green trend-line) as pivot.

We are bullish, targeting the Internal Higher Highs trend-line at 17000, as long as the Megaphone's bottom holds. The bullish extension may be even higher considering the fact that the medium-term pattern could be an Inverse Head and Shoulders (IH&S) that technically targets the 2.0 Fibonacci extension at 17400.

If however the price breaks below the Higher Lows trend-line, we will short-term sell targeting the 1D MA200 (orange trend-line) where a 1D candle close below it, would justify a bearish extension to Support 2 at 14470.

For now the trend remains bullish, as illustrated by the 1D RSI also which is on an 8-month Support Zone.

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