DAX Technical Analysis Report 27 October, 2020

  • DAX under bearish pressure
  • Likely to fall to 12000.00

DAX  under bearish pressure after the recent breakout of the support area lying between the strong support level 12355.00 (which has been reversing the price from the start of July), three upward-sloping different-length support trendlines from March, June and July and the 38.2% Fibonacci correction of the previous upward impulse wave C from May.

The breakout of the aforementioned support area accelerated the active downward impulse waves (iii) and 3. With above price levels now forming the nearby strong resistance area – DAX is likely to fall further toward the next round support level 12000.00 (target price for the completion of wave (iii)).

Was this post helpful?