DAX, H4 - the bearish gap has been defended
Looking at the chart of the German DAX index, we may see that the bearish gap was defended after the market broke out from the triangle pattern described in the previous analysis. At that time we pointed to the gap as a potential target and a barrier to possible further increases.
Such a strong reaction to this described resistance may mean that the market has a chance to move back towards potential support, which could be located in the region of 9600 points. There, in turn, is a bullish gap which has not yet been closed,
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Such a strong reaction to this described resistance may mean that the market has a chance to move back towards potential support, which could be located in the region of 9600 points. There, in turn, is a bullish gap which has not yet been closed,
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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