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Technical Update - DAX/GER40 uptrend is stretched but is still holding up
Equities 2 minutes to read
Kim Cramer Larsson
Technical Analyst, Saxo Bank
DAX uptrend still a bit stretched trading in a slightly rising channel . Divergence on RSI indicating a correction should be expected. DAX has performed higher prices but not a higher close above 14,570 which is key because then the Evening Doji top and reversal pattern (circled) is not yet cancelled.
First indication for a correction is unfolding would be a close below 14,327. A correction that could take DAX down to the around 13,565.
DAX could still test resistance at around 14,654. A close above could lead to further upside to around 14,900. If RSI closes above its upper falling trend line (red line) it would an indication for this scenario to play out.
GER40 cfd/DAX future a few points below resistance at 14,615. Key level is 14,711 though. A close below 14,323 could lead to a sell-.off down to around 13,974 possibly 13,570.
RSI divergence explained: When price is making a new high/low but RSI values are not making new high/low at the same time. That is a sign of imbalance in the market and an weakening of the uptrend/downtrend. Divergence or imbalance in the market can go on for quite some time but not forever. It is an indication of an exhaustion of the trend
Author of this analysis is holding a short position in GER40cfd
Author of this analysis is holding a short position in GER40cfd
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