The German DAX index has reached the highest level since the beginning of September. The area of 13452 pts. could be a strong resistance that has stopped the bull run in the past.
What is more, in recent days the market has created a shooting star candlestick pattern with relatively high volume. Now the volume seems to be falling when the market tries to stay near highs. If the support at 13280 is broken we may expect a downward movement with a potential target at the bullish gap of 12661 pts.
The downward movement may be also confirmed by the MACD indicator which is about to fall below zero after the crossing of its averages.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
What is more, in recent days the market has created a shooting star candlestick pattern with relatively high volume. Now the volume seems to be falling when the market tries to stay near highs. If the support at 13280 is broken we may expect a downward movement with a potential target at the bullish gap of 12661 pts.
The downward movement may be also confirmed by the MACD indicator which is about to fall below zero after the crossing of its averages.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.