DAX: Channel Up keeps it bullish. Strong correction if it breaks

15 thg 12, 2023

DAX is trading inside a Channel Up pattern since October 27th and it has been intact for so long that the 1D timeframe remains overbought (RSI = 78.050, MACD = 373.200, ADX = 82.264). Since it is holding the 4H MA50 over the bottom of the Channel Up, we remain bullish aiming at a +4.66% rise (TP = 17,400), which is the lowest it has registered inside this pattern. If the price crosses under the Channel Up however, we will short aiming near the S1 level (TP = 16,000), which can test the 1D MA50.

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