In this article, we will share top-down trading technical analysis for the DAX.
On the monthly DAX chart, we can see that the instrument is testing the 12865 level. A break above this level is required for an upside continuation. So far we got a heavy rejection in the previous month but the instrument is again testing this level.
The weekly DAX chart is showing to us correction after the two bearish weekly candles we are now seeing a correction higher and a possible bearish inside bar. If we get a close below the 12710 level we could see a further extension lower into the 12050 level.
By using our top-down trading technical analysis we have identified the key levels which will be your triggers for trading entries. The first is a long trade entry which could be triggered on a daily close above the 12950 level. Short trade entries should be triggered on a daily close below the 12720 level.
Happy trading! (click on the chart to enlarge it)
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