Deka MDAX reversal
Multiple indicators show a potential for a reversal or at least a retracement:
- a rally started around February 2016, that broke resistance in December to continue with a bump (see the slope of the purple lines). This could be a typical "Bump and run" pattern
- second top of a double top forming now, could confirm the reversal
- Stochastic RSI 20 days moving average moved below 50, hinting a future trend change
The bump, the double top and the StochRSI moving average all signal a trend revarsal. Plus, there hasn't been a real retracement since the all time high that was reached after the rally started. In case the trend identified by the Lead-in line is broken, the reversal could be confirmed, with new support at 234.
Definitely not a good time to buy, but still a strong uptred is signaled by the Ichimoku cloud. This could end up simply in a retracement to 221 (61.8 fibonacci), also a potential entry point. Keep the eyes open.
- a rally started around February 2016, that broke resistance in December to continue with a bump (see the slope of the purple lines). This could be a typical "Bump and run" pattern
- second top of a double top forming now, could confirm the reversal
- Stochastic RSI 20 days moving average moved below 50, hinting a future trend change
The bump, the double top and the StochRSI moving average all signal a trend revarsal. Plus, there hasn't been a real retracement since the all time high that was reached after the rally started. In case the trend identified by the Lead-in line is broken, the reversal could be confirmed, with new support at 234.
Definitely not a good time to buy, but still a strong uptred is signaled by the Ichimoku cloud. This could end up simply in a retracement to 221 (61.8 fibonacci), also a potential entry point. Keep the eyes open.
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