The German DAX breaks the H&S pattern on intraday basis. It breaks the yearly rising trendline and the neckline as well. During Friday’s trading session, DAX broke the neck and 200EMA moving averages on intraday basis, and well managed to close above the 200EMA level. Now it is reaching towards the breakdown level at 9,285. A day close above the level of 9,285 makes some short covering in the market towards the level of 9,474. Friday’s low of 8,914 is very crucial for coming days. A break below the level of 8,914 will make a dramatic fall towards 8,490 and 8,100 levels. In the daily chart, RSI is giving a buy signal. Hopefully, a pullback will be possible in the near term.
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The German DAX breaks the H&S pattern on intraday basis.
It breaks the yearly rising trendline and the neckline as well. During Friday’s
trading session, DAX broke the neck and 200EMA moving averages on intraday basis, and well managed to close above the 200EMA level. Now it is reaching towards
the breakdown level at 9,285. A day close above the level of 9,285 makes some short
covering in the market towards the level of 9,474. Friday’s low of 8,914 is very crucial
for coming days. A break below the level of 8,914 will make a dramatic fall towards
8,490 and 8,100 levels. In the daily chart, RSI is giving a buy signal. Hopefully, a pullback will be possible in the near term.
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