In a week ahead we have plenty of news which will influence the market- economic, political, and those coming from tweeter users. Well, some of them at least.
If you use technical analysis for your trading, and you want to trade DAX there are some things you need to be aware of.
Since 1st January 2019. DAX is up more than 15% ( 03 May).
In a picture is shown a strong bullish trend with a support line starting from 04th January, with a price tick above the trend line. RSI is near 50 Lvl.
It's hard not to notice the possibility that in front of us we have technical formation pattern Head and Shoulders. The formation of the right shoulder is not done jet.
If this pattern is formed and price broke neckline (red line) potential target can be at 11580 area.
In my technical analysis, I like to include and Fibonacci retracement.
With Fibonacci, I have a clearer picture, and if this is a case, Head and Shoulders, the potential target is near 38.2 Lvl, and the price to watch is 11910.
Day in a week to watch- Wednesday.
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