Decoding German DAX: Crucial Levels and Emerging Patterns
GER30 Current Market Overview
Explore the latest insights into the German DAX index with a focus on pivotal support, resistance levels, and potential trading patterns.
Support and Resistance Levels
- Support at €21,105: This level acts as a critical neckline for a potential Head and Shoulders pattern formation. We should watch closely for any breaks below this level, as it could signal further downside movement.
- Resistance at €21,557: A new resistance level has formed close to the 61.8% Fibonacci retracement level. This resistance may contribute to forming the right shoulder of a reversal pattern.
Potential Head and Shoulders Pattern
The Head and Shoulders pattern is a key technical formation to watch for:
Formation Details: If the DAX breaks below the neckline/support at €21,105, it could confirm the formation of a Head and Shoulders pattern.
- Target Projection: A break below the neckline suggests a potential downside target around €20,452. This level aligns with the weekly fractal resistance previously breached at €20,529, which could act as support.
Happy Trading,
André Cardoso
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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
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.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.