DAX Update April 2015 (D)

The DAX has traded as outlined in recent analysis and it looks like we may well have the final high in place. Let’s take a look using the daily chart.
 

DAX DAILY CHART 

Price hit a high at 12390 last Friday 10th April. This looks to have set up a false break top above the previous swing high level which is denoted by the upper horizontal line.
 
This high was accompanied by a triple bearish divergence in both the Relative Strength Indicator (RSI) and Stochastic indicator while the Moving Average Convergence Divergence (MAC) indicator shows a bearish divergence and now has a bearish bias.
 
The Parabolic Stop and Reverse (PSAR) indicator now has a bearish bias after price busted the dots on the downside with authority today.
 
The downtrend will likely be confirmed once price breaks below the previous swing low level which is denoted by the lower horizontal line and stands at 11619.
 
Once the bear trend is confirmed we can investigate further likely levels for bear market to end.
 
 

Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

JoomShaper