Bulls can step in if the price kisses the 50-day moving average. However, a break of this moving average could increase more selling pressure.
The German Dax index is trading above the upward trend line on an 8-hour time frame and this confirms that the uptrend is still intact. The further strength for this argument comes from the fact that the price is trading above the 50-day moving average and 100-day moving average shown in pink and green colors respectively. The price is tracing after reaching near its minor resistance zone shown by horizontal dotted red line. It is likely that the buyers may stip in when the price tests the 50-day moving average.
The RSI is trading near the overbought zone but below the downward trend line. Only a break of this would confirm more upward momentum
The minor resistance zone is shown by red dotted line and major by the solid line.
The minor support zone is shown by the green dotted line and major by the solid line.
Written by Admin
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