An Update On DAX Signal!
Arslan Butt • 1 min read
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.