Trend Overview:
The DAX equity index remains in a bearish trend, with recent price action forming a corrective pullback within that prevailing structure.
Key Resistance Level:
23690: This level marks a significant previous intraday consolidation zone and acts as a key resistance barrier.
A rally into this zone is likely to face selling pressure unless buyers gain decisive control.
Bearish Scenario (Primary Bias):
A rejection from 23690, particularly if supported by bearish candlestick patterns or volume confirmation, would align with the broader downtrend.
This would set up potential downside targets at:
23200 – Initial support level.
23035 – Intermediate support.
22860 – Long-term support zone.
Bullish Scenario (Invalidation):
A confirmed breakout and daily close above 23690 would invalidate the current bearish bias.
This would open the path for a retest of:
23900 – Short-term resistance.
24080 – Higher resistance zone and potential trend reversal confirmation.
Conclusion:
The DAX is currently in a corrective phase within a bearish trend. A failure to break above 23690 would reinforce the downside setup toward 23200 and beyond. However, a daily close above 23690 would shift the technical outlook to bullish in the short term, with scope for a continuation higher toward 24080. Traders should monitor price behavior at 23690 closely for directional confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The DAX equity index remains in a bearish trend, with recent price action forming a corrective pullback within that prevailing structure.
Key Resistance Level:
23690: This level marks a significant previous intraday consolidation zone and acts as a key resistance barrier.
A rally into this zone is likely to face selling pressure unless buyers gain decisive control.
Bearish Scenario (Primary Bias):
A rejection from 23690, particularly if supported by bearish candlestick patterns or volume confirmation, would align with the broader downtrend.
This would set up potential downside targets at:
23200 – Initial support level.
23035 – Intermediate support.
22860 – Long-term support zone.
Bullish Scenario (Invalidation):
A confirmed breakout and daily close above 23690 would invalidate the current bearish bias.
This would open the path for a retest of:
23900 – Short-term resistance.
24080 – Higher resistance zone and potential trend reversal confirmation.
Conclusion:
The DAX is currently in a corrective phase within a bearish trend. A failure to break above 23690 would reinforce the downside setup toward 23200 and beyond. However, a daily close above 23690 would shift the technical outlook to bullish in the short term, with scope for a continuation higher toward 24080. Traders should monitor price behavior at 23690 closely for directional confirmation.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.