DAX Bottom rebound buy opportunity to 15650.DAX (DE40) has made a short-term bottom near the Lower Lows trend-line of the Channel Down after hitting the 1W MA50 (red trend-line). This is a short-term buy signal to at least 15650, which is on the Channel's top and represents a symmetrical +3.66% rise similar to the previous Lower High leg. If it doesn't get rejected, this is where the Fibonacci retracement levels come forward. The 0.382 Fib is almost exactly on our target.
A break above, which would also be a break above the 1D MA50 (blue trend-line), targets Resistance 1 (15995), which is exactly on the 0.618 Fib. Only a candle closing above that Resistance justifies a bullish reversal for the long-term.
If the 1D MA50 doesn't break, we expect the Channel Down to look for a 1W candle closing below the 1W MA50, which can technically deliver a downward extension towards the 1W MA100 (green trend-line) on the 6-month Support Zone. If that scenario prevails, we will need to see a clear indication that this will be the same High Demand Zone as during March 15 - 24, when all attempts to break it reversed emphatically as most candles closed above it leaving long wicks inside the Zone.
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