Channel support in focus on the DAX
The German DAX index is hitting fresh 6-month lows this morning, but we may see prices start to rebound if 11,400 holds in the next couple of days. There is a channel support at around 11,420 plus the January 27th low at 10,550 to be watched closely today and tomorrow. Given the longer-term uptrend and significant rally at the start of the year, I'm inclined to think that a major market low around these levels would give way to a new leg back above 11,500 over time. Anyone who believes that the DAX is currently in a bullish flag formation would agree with this reasoning.
While it's too early to say if my support area will hold, I would be actively seeking bullish hints in price action with reversal candlestick patterns to establish a real bullish stance on the DAX.
While it's too early to say if my support area will hold, I would be actively seeking bullish hints in price action with reversal candlestick patterns to establish a real bullish stance on the DAX.
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