DAX INDEX FUTURES (FDAX1!), H4 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 13669
Pivot: 13346
Support : 12999
Preferred Case: On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 13346 where the overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci projection are to the 1st support at 12999 where the pullback support, 61.8% fibonacci retracement and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 13669 where the pullback resistance and 61.8% 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 : 13669
Pivot: 13346
Support : 12999
Preferred Case: On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 13346 where the overlap resistance, 38.2% fibonacci retracement and 61.8% fibonacci projection are to the 1st support at 12999 where the pullback support, 61.8% fibonacci retracement and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could break pivot structure and rise to 1st resistance at 13669 where the pullback resistance and 61.8% 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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