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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. 
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CFDs and forex (FX) are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs, FX, or any of our other products work and whether you can afford to take the high risk of losing your money.
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Bears remain in control of the Dax

Bears remain in control of the Dax

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Sellers remain in control of the Dax index with a close above 11,650 necessary to change this circumstance.

After a few attempts last week, the German Dax index finally closed the body gap between 11,358 and 11,524 on November 2. It was not a convincing close of gap, however, as the market opened significantly higher at around the 0.764 retracement level before sellers immediately took control and pushed the index down to test the gap.

Since then, the Dax has hovered around the gap and there is a high risk the bear trend can be resumed. A close below 11,358 is likely to spur a further sell-off, testing October lows. 

The Dax needs a close above 11,650 for the short-term bearish picture to be put on hold. If this occurs, a move higher to around 11,840 could be seen. 

The Relative Strength Index remains in bearish territory with no divergence, confirming the general bearish picture.
 
Dax
Source: Saxo Bank

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