Macro: Sandcastle economics
Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.
Technical Analyst, Saxo Bank Group
DAX is struggling to break the 55 and 100 Moving Averages. Since they are both declining and 55 is crossing over 100 a Death Cross has formed indicating negative underlying sentiment.
RSI is showing negative sentiment is adding to the bearish picture.
The rising 200 Moving Average adds to the support.
A re-test of the support at around could be seen shortly. A close below could see DAX being pushed further down to around the 15K support area. 200 Moving Average provides some support
To demolish and reverse the bearish picture a close above 16,060 is neededBEL20 caught ranger bound after being rejected at 3,696 resistance.
If bEL20 is closing back below 55 Moving Average down trend is resuming with a likely move to the 3,550 level.
BELG20 cfd A close above 3,690 is needed for further upside momentum. Downtrend could resume
FRA40 cfd upwards push seems to be faltering. A break below 7,284 is likely to result in downtrend to resume with a move down to support at around 7,081
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