The DAX may be building a large and important head-and-shoulders top, according to say David Sneddon and James Gilbert at Credit Suisse in London.

Looking at a monthly chart, Sneddon and Gilbert point out that the DAX has broken its long-term uptrend from the 2009 low and may be about to retest significant support at 11726/620. This level is the neckline of a potentially large head-and-shoulders pattern.

See Chart.