An Update On DAX Signal!

Good afternoon, fellow traders. After the exciting analysis on the Gold, WTI, and GBPJPY, here we go with the DAX (German 30). During the previous week, we opened a forex trading signal to open a sell position below $12,975. Let's see how to manage this trade.

DAX // Germany 30 – Resistance Zone

Fellas, let me draw your attention towards the daily chart of DAX. Here we can see the index is consolidating below a solid resistance level of $12,998.

DAX – 4 – Hour Chart – Fibonacci Levels 

• On the hourly chart, the Index has formed a bearish Marubozu candlestick pattern. This pattern signifies that the bearish trend is imminent.
• The RSI and Stochastics are holding at 68 and have started coming out of the overbought region.
• The immediate resistance prevails at $12,935 and the European index needs to break this level to fell sharply.

DAX – Trading Plan

We opened a signal to stay in sell below $12,975 with a stop loss above $13,050 and take profit at $12,875. At the moment, it's tossing between profit and loss. We will be on a safer side only If DAX stays below $12,998. Good luck.