DAX has broken above the 2019 1M Channel Up (RSI = 60.402, MACD = 306.500, Highs/Lows = 928.2857, ADX = 16.738) last week. The 1D RSI has made a peak at 78.000 which is the point where last May (3rd) it made a Higher High and pulled back aggressively.
The January - May sequence has many similarities with the August - today sequence as illustrated on the chart. The most notable of which is the fact that after DAX broke above the 1D MA50 (blue line) it always acted as a Support (bounce long entry). We are expecting a similar price action and after a pull back to the 1D MA50 believe that DAX will resume the uptrend towards the 13,600 All Time High (ATH).
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The January - May sequence has many similarities with the August - today sequence as illustrated on the chart. The most notable of which is the fact that after DAX broke above the 1D MA50 (blue line) it always acted as a Support (bounce long entry). We are expecting a similar price action and after a pull back to the 1D MA50 believe that DAX will resume the uptrend towards the 13,600 All Time High (ATH).
** If you like our free content follow our profile (www.tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial