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DAX Forecast And Weekly Technical Overview

DAX Forecast And Weekly Technical Overview

Our last bearish call based on Bearish Cypher Pattern has reached its targets.

DAX30 Bearish Cypher Pattern and Short Opportunity

Index succeded to end the week above EMA 50 Daily Chart at 12.029. However, the technical overview of the H4 chart remains bearish as it is trading below EMA50, SMA100 and SMA200.

Concerns regarding slowing down the German economy remains unchanged. The threat of auto tariffs has been postponed, but prolonged uncertainty is undeniably bearish.

Investors will be focusing on unemployment data due Wednesday.

As it’s been said, With an uncertain geopolitical and economic landscape, German auto manufacturers may hold off on capital expenditures as they look to wait out the 6-month decision period.

Along with the latest Germany macroeconomic data, the risk-off sentiment, US-China Trade Wars will determine the near term direction of the Index.

Technically, we can not talk about a trend reversal from bullish to bearish. However, the selling pressure remains as long as it is trading below 12.200.

We see an emerging triangle on the H4 chart. The direction of the breakout will tell us the medium term direction of the price.

On the upside, Bulls’ targets are 12.109 and 12.187. We will look for a selling opportunity if the price meets 12.180.

On the downside, the bearish breakout of the triangle can be used as a fresh selling opportunity. Estimated breakout level is 11.900. The targets of the Index will be 11.800 and 11.700.

A potential bullish Gartley pattern would be completed at 11.500 and we can use this pattern as a buying opportunity.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

DAX 30 : Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

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