The German 40 Index opened higher today at 13113 showing a bullish momentum. Daily chart is showing a bullish flag pattern which started to form last week. If price breaks above the current 50 EMA resistance level, it is expected to hit 38.2% (13800) and 61.8% (14050) Fibonacci Extension Levels, closing the gap between 10th to 13th of June.
To the downside, we are expecting a bounce at the 50% and 61.8% Fibonacci Retracement level which are between 12750 to 13000. Breaking this level will push the price further downwards.
Indicators:
RSI above 50 (bullish)
MACD approaching near the 0 line (bullish momentum)
Support at 12600
Resistance at 14050
Market Sentiment (based on capital.com):
63% Buyers
37% Sellers
I remain positive that this week, DAX will gain recovery, moving to the upside.
To the downside, we are expecting a bounce at the 50% and 61.8% Fibonacci Retracement level which are between 12750 to 13000. Breaking this level will push the price further downwards.
Indicators:
RSI above 50 (bullish)
MACD approaching near the 0 line (bullish momentum)
Support at 12600
Resistance at 14050
Market Sentiment (based on capital.com):
63% Buyers
37% Sellers
I remain positive that this week, DAX will gain recovery, moving to the upside.