DAX Triple Top keeps threat to the downside

Intermediate

Day trade outlook:

A significant selloff on Wednesday through key supports at 9422 and 9411.5, to confirm a Triple Top pattern, to reinforce Tuesday’s recovery failure from below the recent recovery peak at 10117 (down from 10073), to keep the bias lower for Thursday.

  • We see a downside bias for 9300; a break below aims for 9188.5 and maybe 9068.
  • But above 9593.5 targets the 9735/40 area and maybe towards 9924.5, even 10073.

DX intermediate-term outlook

The late February plunge below 13219 signalled an intermediate-term shift to a bear trend.

  • Downside risks: We see an intermediate-term bear trend and risk for 7422 and 7000/6948.
  • What changes this? Above 11417.5 sees an intermediate-term range and through 12275.5 an intermediate-term bull trend.

4 Hour DAX Chart

Dax Chart 2020-04-02

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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