Bearish DAX 30

The German benchmark index continues its short-term downtrend (H4) on Thursday.

D1 chart

The DE30 continues its decline, falling to its lowest level since 26 May. From this week’s high reached on Monday, the index has lost over 500 points in value. If the break below the low at 14,304 points is long-lasting, sellers could target the swing low at 13,859 points.

Source: xStation5

H4 chart

The triggers for the recent sell-off were the third false breakout at the medium-term resistance at 14,616 points and the break of the neckline of the head and shoulders pattern. The two subsequent price targets on the downside (14,304 and 14,213 points) have already been reached. The next potential targets are marked in green. A rise above the high at 14,420 points would reverse the trend.

Source: xStation5

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