DAX
Time frame: H4
Technical analysis: The chart shows that the index formed the well-known formation, "Reverse head and shoulders". This formation symbolizes the depletion of the previous short-term downtrend and the resumption of the long-term uptrend.
On 29/08/19 the price broke the resistance (Neckline) at the level 11838, which confirmed the beginning of a new upward movement.
Currently, the price is consolidating over the breakthrough. If the price reaches the level buyers are more likely to support the price.
Indicators: At this stage, 200 EMAs and SMAs play a role of resistance. All other moving averages play a supportive role.
DeM in neutral territory and gives no signals at this stage.
Alternative scenario: If the price is able to return below the break and hold, then we can see a new decline to a level of support of 23.6% on Fibonacci, from which to look for new long positions with the trend.
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