DAX: Sell target reached. Now strong buy opportunity (long term)
Following our previous Sell Signal on DAX (Descending Triangle) which you can see here:
We turn to a much longer time frame, the Channel Up since the December 2018 bottom. Among fear of the coronavirus outbreak, the index has crossed below the 1D MA200 (RSI = 32.658, MACD = -1.310, ADX = 34.677, Highs/Lows = -1.6279) and is now testing the Higher Low trend line.
This trend line has held twice before (December 27th, 2018 and August 15th 2019) providing excellent long term buy opportunities. We believe such an opportunity exists now as well as the 1D RSI is also near its 27.000 Support, which has been holding since October 24th 2018. See also how the 1D RSI is in phases and currently repeating the bottom sequence. The RSI tops before the actual price does.
In conclusion this is a solid long term buy opportunity and our Target Zone is 13,800 - 14,000.
See how accurate DAX long term levels are. We have found fractal analysis very useful in identifying long term trends and their buy/ sell entries. We predicted the 13,800 High back in April 2019 when DAX was still trading at 11,600:
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We turn to a much longer time frame, the Channel Up since the December 2018 bottom. Among fear of the coronavirus outbreak, the index has crossed below the 1D MA200 (RSI = 32.658, MACD = -1.310, ADX = 34.677, Highs/Lows = -1.6279) and is now testing the Higher Low trend line.
This trend line has held twice before (December 27th, 2018 and August 15th 2019) providing excellent long term buy opportunities. We believe such an opportunity exists now as well as the 1D RSI is also near its 27.000 Support, which has been holding since October 24th 2018. See also how the 1D RSI is in phases and currently repeating the bottom sequence. The RSI tops before the actual price does.
In conclusion this is a solid long term buy opportunity and our Target Zone is 13,800 - 14,000.
See how accurate DAX long term levels are. We have found fractal analysis very useful in identifying long term trends and their buy/ sell entries. We predicted the 13,800 High back in April 2019 when DAX was still trading at 11,600:
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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www.investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial