Type : Bearish Drop
Resistance : 12999
Pivot: 12758
Support : 12415
Preferred Case: On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 12758 where the pullback support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 12415 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 12999 where the pullback resistance and 23.6% fibonacci retracement are.
Fundamentals: Since Russia's Gazprom said that a new turbine halt will further cut gas to Germany, it creates additional supply worries and we have a bearish view on the DAX index .
Resistance : 12999
Pivot: 12758
Support : 12415
Preferred Case: On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop to the pivot at 12758 where the pullback support is. Once there is downside confirmation that price has broken pivot structure, we would expect bearish momentum to carry price to 1st support at 12415 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative scenario: Alternatively, price could rise to 1st resistance at 12999 where the pullback resistance and 23.6% fibonacci retracement are.
Fundamentals: Since Russia's Gazprom said that a new turbine halt will further cut gas to Germany, it creates additional supply worries and we have a bearish view on the DAX index .
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