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DAX Technical Outlook

By:   CFDtrading.com
  • 2010-02-02
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The DAX is in the same position as the FTSE.  The index is testing channel support now and dropping below would suggest that the rally from the 2009 low is complete as an A wave.  Initial support is 5159.



German shares have trended lower since breaking below rising trend line support, with price action guided by a well-defined falling channel. Prices have come off the bottom of the formation to re-test support-turned-resistance at 59350. Renewed bearish momentum from here will target another test of the channel’s lower boundary, this time at 58452.

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