Are DAX Futures forming a rising wedge?
After yesterday’s strong fall, we can see that our DAX Futures have found support near the lower side of a possible rising wedge pattern, which can be drawn from around the end of December 2022. Although the pattern is considered to be bearish, a strong violation of the lower side of it would be needed, before getting comfortable with lower areas. In the meantime, as long as the boundaries remain intact, the index could continue trading inside the pattern, meaning it could still move back to the upside in the near term.
A drop below the lower side of the aforementioned rising wedge could be a good signal for more sellers to join in and drag the price towards the 200-day EMA. That would roughly be around the 15200-15300 territory on our DAX Futures.
In order to shift our attention to the upside, a break above a short-term tentative upside support line, drawn from the high of June 16th, would be needed. If that happens, we might then travel back up to the current highest point of July, at 16332. If the buying continues, the next target could be the highest point of June, at 16571.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
A drop below the lower side of the aforementioned rising wedge could be a good signal for more sellers to join in and drag the price towards the 200-day EMA. That would roughly be around the 15200-15300 territory on our DAX Futures.
In order to shift our attention to the upside, a break above a short-term tentative upside support line, drawn from the high of June 16th, would be needed. If that happens, we might then travel back up to the current highest point of July, at 16332. If the buying continues, the next target could be the highest point of June, at 16571.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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