Technical Analysis – German DAX 30 struggles below 12480; death cross within 50 and 200 SMAs created
March 20, 2018 2:26 pm
German DAX 30 has been moving below the 12480 strong resistance level after the strong sell-off at the end of the previous month. The critical death cross between the 50 and 200 medium-term simple moving averages (SMAs) indicating significant selling interest.
Looking at the daily timeframe, the RSI indicator holds below the 50 level and is flattening. However, the stochastic oscillator posted a downward crossover within the %K and %D while is approaching the 20 level.
Further losses should see the August low of 11865 acting as a major support before hitting the 38.2% Fibonacci retracement level slightly above 11690 of the upleg from 8695.50 to 13600.
In the event of an upside reversal, the 23.6% Fibonacci mark just below the 12480 resistance level could act as a barrier before being able to re-challenge the 12620 barrier. If there is a break above this level, the price could meet the death cross near 12716 at the time of writing. Further gains could lead the way towards the 12810 price level.
German DAX 30 has been moving below the 12480 strong resistance level after the strong sell-off at the end of the previous month. The critical death cross between the 50 and 200 medium-term simple moving averages (SMAs) indicating significant selling interest.
Looking at the daily timeframe, the RSI indicator holds below the 50 level and is flattening. However, the stochastic oscillator posted a downward crossover within the %K and %D while is approaching the 20 level.
Further losses should see the August low of 11865 acting as a major support before hitting the 38.2% Fibonacci retracement level slightly above 11690 of the upleg from 8695.50 to 13600.
In the event of an upside reversal, the 23.6% Fibonacci mark just below the 12480 resistance level could act as a barrier before being able to re-challenge the 12620 barrier. If there is a break above this level, the price could meet the death cross near 12716 at the time of writing. Further gains could lead the way towards the 12810 price level.
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