Following the Downtrend on the DAX, price made a lower high and lower low creating a new Market Structure. Digging into the volume-candle analysis the upward move from Wednesday to Friday last week, created under light volume and small range candles. Showing the potential downtrend continuation.
Price rejection on Friday below the 50% fib reveals the strength of the bears in the DAX.
considering the LHLL and the RSI below 50, both indicated bearishness. On this time frame.
If price continues moving lower there is a key level of Support S1 found around 15143 and if price continues lower the next Key Support found at S2 around 15022. Pay attention to this , it is just above the round number 15000.
In case the price continues moving upwards, there is a strong Resistance found at R2 that is in between the 50% and 61.8% fib level and this can cause the market to move lower
Happy Trading guys
Price rejection on Friday below the 50% fib reveals the strength of the bears in the DAX.
considering the LHLL and the RSI below 50, both indicated bearishness. On this time frame.
If price continues moving lower there is a key level of Support S1 found around 15143 and if price continues lower the next Key Support found at S2 around 15022. Pay attention to this , it is just above the round number 15000.
In case the price continues moving upwards, there is a strong Resistance found at R2 that is in between the 50% and 61.8% fib level and this can cause the market to move lower
Happy Trading guys