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DAX - an analysis on a D1 interval
DAX has moved within a bullish trend since June, and the move is continued
There is a potential for a further leg higher, at least the OBV points to such a possibility yet there are no distinct bullish signals and price remains on elevated levels
A close of today’s candlestick will be important. With bullish signals, a new higher low may be established within a short-term bullish sequence and we may see a leg higher towards the nearest resistance. An outside bar has been forming at some point. Yet if the support area is broken below we may see an extensive correction. A new higher high could be established if we look at the chart on higher time frames, an inversed SHS has been the first sign of a current rally and has brought a significant rally to the north.
Yet after the previous lower high, the leg lower towards a new low has lasted for 1500pt so a breakout below the nearest support area could cause an extensive bearish wave. Situation looks bullish if we look on candlesticks on higher time frames and there is also a possibility of a further bullish trend with an OBV staying above the price for a prolonged period of time, there is no major divergence.
by Angelika Fx Marker Fx
