The German Stock Index (DAX) got emphatically rejected on its January Lower Highs trend-line, as we anticipated with our previous analysis two weeks ago:
The price broke below the 1D MA100 (green trend-line) and hit the 1D MA50 (blue trend-line), which is the first line of Support. As long as it closes above it, chances are that we will rise and re-test the Lower Highs (1) trend-line. A close below though, calls for a sell extension towards the 12400 Support, currently a Double Bottom.
Notice how the RSI on the 1W time-frame got rejected exactly on the 48.80 Resistance, which was where the June 06 High was made. That matches the Lower Highs as well. A break above this Resistance, would be an additional factor indicating that the long-term trend may be shifting from bearish back to bullish.
Technically, only a break above the 1D MA200 (orange trend-line)/ 1W MA50 (red trend-line) Resistance cluster, constitutes a long-term bullish break-out.
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The price broke below the 1D MA100 (green trend-line) and hit the 1D MA50 (blue trend-line), which is the first line of Support. As long as it closes above it, chances are that we will rise and re-test the Lower Highs (1) trend-line. A close below though, calls for a sell extension towards the 12400 Support, currently a Double Bottom.
Notice how the RSI on the 1W time-frame got rejected exactly on the 48.80 Resistance, which was where the June 06 High was made. That matches the Lower Highs as well. A break above this Resistance, would be an additional factor indicating that the long-term trend may be shifting from bearish back to bullish.
Technically, only a break above the 1D MA200 (orange trend-line)/ 1W MA50 (red trend-line) Resistance cluster, constitutes a long-term bullish break-out.
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** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.