Technical analysis on DAX for July 4th, 2023

analysis noted that DAX when it was trading around 15,860 it had the potential to move higher and back test the broken trend lines. DAX index got rejected at the blue trend lines that are now resistance. Support at 15,800-15,700 remains very important for the near term. A break below this level will open the way for a deeper correction towards the yellow rectangle area. So far price has formed a lower high at 16,214. Bulls need to break above this in order to resume their up trend.

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