DAX 30 registered a strong growth lately and now it has registered a temporary correction. The current retreat is seen as a potential continuation pattern as a flag pattern. The German stock index recovered a little in the last hours, but we still need strong confirmation before going long.
The German Gfk Consumer Climate was reported better than expected, at 0.9 points versus -0.4 estimated. Moreover, the German Import Prices registered a 1.3% growth.
DAX 30 Technical Analysis!
DAX 30 failed to stabilize above the weekly R2 (15,760.53) level signaling exhausted buyers. It has decreased a little, developing a minor flag. Coming back above the weekly R2 and registering a valid breakout above the minor downtrend line could signal an upside continuation.
The support is seen at 15,700 levels. Technically, a new higher high, jumping and closing above 15,801.80 high could signal potential growth towards the ascending pitchfork’s median line (ml).
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