The DAX is in a clear bearish trend and there seems little that can support the idea of upside, one bullish thought might be the fact that the EUR is weak and that could help with exports for the German industry, but with inflation being so high globally and supply chains being so disrupted I highly doubt this will help the German industry generate an income since so many of their companies are on the verge of a shutdown...
The image in Germany is not pretty and as it seems we will only continue to face further problems.
Price action is king right? Well if we take a look at this weekly chart all I see is reasons to sell... like... hell!
Constant lower lows since the H&S pattern formed at the ATH, a clear rejection of a reversal at that double top which formed at the end of May and a new weekly low followed right after that rejection.
It seems for now that we are heading towards the 11650 zone for the DAX.
The image in Germany is not pretty and as it seems we will only continue to face further problems.
Price action is king right? Well if we take a look at this weekly chart all I see is reasons to sell... like... hell!
Constant lower lows since the H&S pattern formed at the ATH, a clear rejection of a reversal at that double top which formed at the end of May and a new weekly low followed right after that rejection.
It seems for now that we are heading towards the 11650 zone for the DAX.
