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DAX30 Retracement Trend Line Could be Broken Soon

Nenad Kerkez
Updated

The DAX30 is showing a downtrend pattern with a technical zig-zag. We might see either a retracement to the POC zone 12053-83 or a retracement trend line break. The rejection from the POC or a trend line break should provide a renewed bearish pressure with 11800 and 11656 as targets. The resistance is within the 12147-12150 zone.

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W L3 – Weekly Camarilla Pivot (Weekly Interim Support)

W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 – Monthly Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Monthly Camarilla Pivot (Daily Support)

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D L4 – Monthly H4 Camarilla (Very Strong Daily Support)

POC – Point Of Confluence (The zone where we expect the price to react – aka the entry zone)

Best wishes,

Nenad

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This article was originally posted on FX Empire

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