FDAX opens already with a gap of nearly 80 points lower from Friday's close. My early target was between 12'290 - 12'300, but should this be a high volume day, then even a further 100 points loss if not even more is possible (today or the next 2 days). Breaking all previous points from this point on could mean a test of the lower trendline of the long term trend, which is at about 11'230 - 11'260 for the coming weeks. The 50 day MA crossed the 200 a while ago already /03/16/2018) and didn't managed to break upwards again (06/21/2018). This indicates the upwards move has come to an end for a while.
A rebound on today's idea is always possible too, but shouldn't go above 50 day MA.
A rebound on today's idea is always possible too, but shouldn't go above 50 day MA.
Comment:
Opens with a gap and trades within a very tight range of 60 points. Europe, the FDAX respectively, seems to have no own opinion of where to go. Fundamentally I see no change and still think the downtrend will continue. I keep with my view for the coming days.
