DAX IndexShort
DAX at Critical Resistance – Bearish Crab Pattern Could Trigger
The German GER30
The German Dax has formed a bearish crab pattern at €20,442, at the 224% Fibonacci extension. This pattern could potentially bring the index back to €19,874, representing a 38.2% retracement from the recent rally between the weekly fractal support at €18,814 and the latest resistance at €20,529 (the historical highs above the daily fractal resistance). Currently, the daily fractal support is established at €20,265, and is under pressure.
The question remains: will the index pull back before Christmas?
Key Highlights:
GER30 The German Dax has formed a bearish crab pattern at €20,442, at the 224% Fibonacci extension. This pattern could potentially bring the index back to €19,874, representing a 38.2% retracement from the recent rally between the weekly fractal support at €18,814 and the latest resistance at €20,529 (the historical highs above the daily fractal resistance). Currently, the daily fractal support is established at €20,265, and is under pressure.
The question remains: will the index pull back before Christmas?
Key Highlights:
- Bearish crab pattern formed at €20,442.
- Potential retracement to €19,874.
- Daily fractal support at €20,265 under pressure.
I am a financial market analyst based in Porto, Portugal. I provide market forecasts to a group of professional traders, playing a crucial role in assisting them in making well-informed decisions in the financial markets.
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