DAX Technical Analysis for November 18, 2015
Posted by FXTimes in Featured - November 18th, 2015 6:30 am GMT
A 4H chart view has been again presented here, which indicates that the indice has now retraced to a fibonacci 0.618 resistance levels of the entire drop between 11,054 and 10,520, at 10,950/75 and reacted. A bearish engulfing candle can be seen at the resistance line, which indicates that the next potential move could be lower. The extensions are seen towards at least 10,200 levels, pointed as D above. Please note that if the above count holds true, 11,050/60 should remain intact. Immediate resistance is seen at 11054 levels, while support is seen through 10780 levels, followed by 10690 and lower respectively. Furthermore, the RSI has stalled at 60 and is just about to turn south, which favours the bearish count.
Short now, stop at 11,100, target 10,200.