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Xetradax

1D/ 1W Support test. Awaiting bullish reversal confirmation.A very aggressive 4H Channel Down (oversold RSI = 24.435, Highs/Lows = -199.7643, MACD = -93.500) invalidated the previous attempt to break the 1D Falling Wedge (black dotted lines). DAX should now attempt a test either on the 1D (RSI = 33.688, B/BP = -380.9120) or the 1W (RSI = 40.497) support. The 1D Falling Wedge will be on a Lower Low there and the 1W remains on its massive Head and Shoulders lows, in anticipation of the the new long term bullish leg on the Monthly Chart that will in time make the new All Time Highs on the index. Our target remains intact (TP = 12,420).
XETR:DAXLong
by InvestingScope
Target hit. Expecting a minor pull back to buy again.TP = 12,207 hit as the 4H Channel Up (RSI = 69.388, Highs/Lows = 10.3357) aggressively broke to a new Higher High at 12,460 with 1D making at the same time a Lower High on its Channel Down (RSI = 55.850, MACD = -12.700). Since we consider this month's 11,880 bottom the completion of the 1W H&S pattern, we expect DAX to break even higher. However given the fact that On Wednesday the Fed announces the rate decision, a pull back is expected on most stock markets. We will be buying near 12,300 aiming at 12,420. Crossing of this level suggests a breaking of the 1W Channel Down formation and initiates a new uptrend to 12,600 first and 12,760 in extension.
XETR:DAXLong
by InvestingScope
Bounced near the 1W support. Uptrend already in development. LonDAX has rebounded strongly after hitting the upper layer of the 11,725 - 11,880 1W Support zone and since the long term 1W Head and Shoulders pattern was completed (or at least is near the completion (but less likely) assuming it has one more leg down to 11,725), the index should now resume the commanding bullish long term monthly trend. It already broke the 12,120 Resistance on 4H and previous Lower Low on the 1D Channel Down, having developed a new 4H Channel Up (RSI = 48.807, MACD = 7.900, B/BP = 0.2800) that is now sumply pulling back for a technical 12020 Higher Low. We are going long now with TP = 12,207. As seen by the Resistances though (black dots) the uptred has a long way to go before we can safely say that it has crossed all bearish channels.
XETR:DAXLong
by InvestingScope