DAX is trading inside a Channel Down since July 31st and lately has been on the decline after a rejection on the 1D MA50. Naturally, its 1D technical outlook is bearish (RSI = 38.140, MACD = -103.800, ADX = 23.717) but also low enough to justify a short term rebound.
We expect one last 1D MA50 that will decide the long term trend and based on the previous -6.50% pre-bearish leg, this should be on the 0.786 Fibonacci level. That is marginally under the top of the Channel Down and that is our target (TP = 15,450).
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We expect one last 1D MA50 that will decide the long term trend and based on the previous -6.50% pre-bearish leg, this should be on the 0.786 Fibonacci level. That is marginally under the top of the Channel Down and that is our target (TP = 15,450).
See how well our prior idea has worked:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial