DAX 30 is still bullish despite the current drop. The index has plunged after failing to make a new higher high. It remains to see how it will react around some critical support levels. The price action has developed a major Rising Wedge.
Still, the reversal pattern is far from being confirmed, that’s why we could still search for long opportunities.
Technical Analysis!
DAX 30 is fighting hard to resume its growth after registering only false breakdowns through the weekly pivot (15,649.9) and below the uptrend line. Today, the price has closed the gap down signaling that it could resume its growth.
Now is pressuring the outside sliding line (sl) after failing to stabilize below the upper median line (uml). The 15,741 is seen as a static resistance, so only a valid breakout above it could validate more gains. A valid breakdown through the uptrend line invalidates our upside scenario.
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