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DAX is Still In Uptrend but Watch for Downmove

Nenad Kerkez

Dear Traders,

The price on the DAX should go above 13365 or we could see a deeper retracement. This will lead to a trend change on intraday time frames.

The DAX30 has been in a strong uptrend. The price on the index is bullish but a small SHS pattern and a failure to print a new high above 13365 will probably start a move down on intraday time frames targeting 13200 and 13086. That could initiate a deeper downmove towards 12995 and 12843 during the course of the next week. Watch for price action!

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire