DAX was under pressure most of last week falling as low as 16,000. Price has managed to respect and stay above both the green upward sloping support trend line and the horizontal support level of 15,670. Technically trend remains bullish making higher highs and higher lows. The bearish RSI signals are only a warning. In order for this warning to turn into a reversal signal, bears need to push price below the green trend line and the blue horizontal support level. As long as price respects the green trend line, we could see a new higher high towards 16,360.
The material has been provided by InstaForex Company – www.instaforex.com
Blue line- horizontal support
Red line- bearish RSI divergence
Green line- support trend line
Black line -resistance trend line
DAX was under pressure most of last week falling as low as 16,000. Price has managed to respect and stay above both the green upward sloping support trend line and the horizontal support level of 15,670. Technically trend remains bullish making higher highs and higher lows. The bearish RSI signals are only a warning. In order for this warning to turn into a reversal signal, bears need to push price below the green trend line and the blue horizontal support level. As long as price respects the green trend line, we could see a new higher high towards 16,360.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: