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Dax has managed to reach above 14,800 this week but bulls were not strong enough to hold price above 14,800. The weekly candlestick pattern has a long upper tail, implying more weakness to expected. Dax has so far retraced all the way to the 61.8% level of the entire decline from 16,285 to 12,430. Price has reached and back tested the key resistance level of 14,800 which was once support.
Red line - support (broken)
The bearish RSI divergence combined with the break of the horizontal support at 14,800 gave us the bearish signal. Price now bounced from the 50% Fibonacci area and got rejected at the previous support, now resistance. A turn lower is expected. Traders need to be cautious and not too optimistic.
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