DAX Potential for bearish momentum
Type : Bearish Drop
Resistance :13399.43
Pivot: 12437.6
Support : 12123.93
Preferred Case: On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being below ichimoku cloud , we have a bearish bias that the price may break through the pivot line and tap onto the 1st support line which is at the 78.6% Fibonacci extension line
Alternative scenario: Alternatively, price could back to 1297.78 where the 61.8% fibonacci retracement is.
Fundamentals: A series of central bank meetings this week, including the Federal Reserve , which are expected to result in further monetary tightening.
Resistance :13399.43
Pivot: 12437.6
Support : 12123.93
Preferred Case: On the H4, with the price reflecting off the 61.8% Fibonacci retracement line and the price being below ichimoku cloud , we have a bearish bias that the price may break through the pivot line and tap onto the 1st support line which is at the 78.6% Fibonacci extension line
Alternative scenario: Alternatively, price could back to 1297.78 where the 61.8% fibonacci retracement is.
Fundamentals: A series of central bank meetings this week, including the Federal Reserve , which are expected to result in further monetary tightening.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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