DAX reached upper limit of rising wedge - reversal possible
When in doubt - zoom out
On Thursday and Friday the DAX / GDAXI reached a high of 21800. Could this be a potential top ?
Looking at the W and M chart (log) the DAX (XETRA) has been trading in a rising wedge since 2003.
With reaching the 21800 level, the DAX has touched the upper line of this rising wedge again. The last time was in April 2015.
The monthly MACD (5 30) has never been this high and the last time the RSI was this high (77) was in 2015 and 2007.
Zooming in on the 5 minute chart (GDAXI), price touched the 21790-21800 region five times in the last two trading days, fell below the current trend line (since Jan 13th), retested it and was rejected to the downside.
There are no certainties in the stock market, but this being at least a local top is quite probable.
On Thursday and Friday the DAX / GDAXI reached a high of 21800. Could this be a potential top ?
Looking at the W and M chart (log) the DAX (XETRA) has been trading in a rising wedge since 2003.
With reaching the 21800 level, the DAX has touched the upper line of this rising wedge again. The last time was in April 2015.
The monthly MACD (5 30) has never been this high and the last time the RSI was this high (77) was in 2015 and 2007.
Zooming in on the 5 minute chart (GDAXI), price touched the 21790-21800 region five times in the last two trading days, fell below the current trend line (since Jan 13th), retested it and was rejected to the downside.
There are no certainties in the stock market, but this being at least a local top is quite probable.
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