DAX Technical Analysis for November 20, 2015
Posted by FXTimes in Featured - November 20th, 2015 6:47 am GMT
The 4H chart presented here shows that DAX has exceeded just above the 11050 mark yesterday, print fresh highs around above 11100 levels and pulled back lower (complete price action not visible here). Please note that though the indice had moved higher, potential still remains for a double top formation looking into the RSI and MACD. Both oscillators are showing bearish divergences, an indication that a major top may be forming. Immediate support is seen at 10,900 levels while resistance could be considered around 11,180/90 now. A drop below 10,900 should be encouraging to the bears. Furthermore, a break below 10,500 confirms a double top and that a major top is in place around the 11100 mark. Watch out for a bearish reversal to initiate short positions again.
Flat for now. Watch to go short again.