DAX Technical Analysis 31 August, 2021

• DAX reversed form resistance area
• Likely to fall support level 15665.00

DAX index today reversed down form the resistance area located between the round resistance level 16000.00 (which stopped the previous minor impulse wave (i) in the middle of August, as can be seen below) and the upper daily Bollinger Band. The downward reversal from the resistance level 16000.00 stopped the previous impulse waves(iii), 3 and (3). The price will likely form the daily Shooting Star if DAX closes today near the current levels.

Given the strength of the aforementioned resistance level 16000.00 – DAX index can be expected to correct down further toward the next support level 15665.00 (which reversed the price twice in the second half of August).


Was this post helpful?