DAX - resistance with a rising wedge

Looking at the daily chart of the German Dax index we may spot a potential rising wedge pattern with potential resistance at the recent high at 12922 pts. The rising wedge pattern is typically a potential bearish structure.

It may be confirmed only by a breakout of the line drawn through the bottoms. Then the next potential support may be located at 11750 pts.

Only a move above 12922 pts. could change the view from bearish to bullish.

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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.

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