26.04.202220:31 Forex Analysis & Reviews: Weekly DAX analysis.

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At the beginning of April DAX index was challenging the neckline resistance that was once support. When that support broke we got a bearish signal. In our last analysis we warned traders that a rejection at the neckline resistance would be a new bearish sign and this could be the start of a new downward move.

Blue lines- bearish divergence

Black lines- Fibonacci retracement levels

Red line - neckline resistance

DAX is making fresh new weekly lows. Short-term trend is bearish. The rejection we mentioned last time is unfolding into a new bearish move lower. DAX is vulnerable to a move lower towards the 12,500 price level. As long as price is below 14,500-14,800 we remain bearish DAX. The warning from the bearish RSI divergence worked nicely and we remain bearish since the top back in the last quarter of 2021.

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