DAX Medium-term buy opportunity.
Last time we looked at DAX (FDAX1!) it gave us another successful sell signal (May 17) at the top (Higher Highs trend-line) of the 9-month Channel Up:
This time it is issuing a medium-term buy signal as after reaching the bottom (Higher Lows trend-line) of the 6-month Channel Up, while hitting and holding the 1D MA100 (green trend-line) as Support, it is sustaining an upward consolidation.
The last Higher Lows was also priced after the price broke below the 1D MA50 (blue trend-line) and supported by the 1D MA100 and the only confirmation left to form an identical pattern with that is for the 1D RSI to complete a Bullish Cross. As you can see, that has historically been a very reliable buy signal.
Our Target is 19300, which is marginally lower than the previous +8.80% Bullish Leg, but almost exactly on the Internal Higher Highs trend-line.
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This time it is issuing a medium-term buy signal as after reaching the bottom (Higher Lows trend-line) of the 6-month Channel Up, while hitting and holding the 1D MA100 (green trend-line) as Support, it is sustaining an upward consolidation.
The last Higher Lows was also priced after the price broke below the 1D MA50 (blue trend-line) and supported by the 1D MA100 and the only confirmation left to form an identical pattern with that is for the 1D RSI to complete a Bullish Cross. As you can see, that has historically been a very reliable buy signal.
Our Target is 19300, which is marginally lower than the previous +8.80% Bullish Leg, but almost exactly on the Internal Higher Highs trend-line.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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