DAX: rebounding on the 1D MA100. Buy opportunity.

21 nov

DAX is neutral on its 1D technical outlook (RSI = 48.905, MACD = -31.600, ADX = 29.913) as it made a rebound near the 1D MA100 on Tuesday and has been consolidating inside the 4H MA50 - 1D MA100 range. The prevailing pattern is a Channel Down and looks the same as the May-June Channel Down which also rebounded on the 1D MA100. Until it formed a 4H Death Cross, the price stayed within the 4H MA50 - 1D MA100 range. The breakout that followed crossed over the 0.786 Fibonacci level and hit the R1 before being rejected. Consequently, we consider this a buy opportunity on the short term, aimed at the R1 level (TP = 19,550).


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