Type:
Bullish Bounce
Intermediate Resistance: 15112.66
Resistance: 15237.34
Pivot: 15003.67
Support: 14793.98
Preference:
DAX is approaching a pivot, we would observe the intermediate resistance at 15112.66 in line with 50% Fibonacci retracement for any potential reversals. If not prices have the the potential to climb to our 1st resistance at 15237.34 in line with 100% Fibonacci retracement.
Alternative Scenario:
Alternatively, prices could dip to our 1st support at 14793.98 which is a graphical swing low.
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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.