Title
DAX, H1 | Could we see a short term reversal?
Type
Bearish Reversal
Preference:
We're seeing price rise towards a strong multi-swing high resistance at 15502 - price seems to have reacted off this level multiple times in the past.
If a reversal occurs here, we could see prices drop down to our 1st support at 15412 which is line with the 23.6% Fibonacci retracementnt
Alternative scenario:
If price breaks above the pivot, the next key resistance is the multi-swing high resistance at 15565
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.