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DAX targets 9790

Tuesday 6 November 2018 13:37 GMT

The recent completion of a head-and-shoulders pattern on the DAX gives a medium- to long-term target of 9790 on the weekly chart (Chart 1), according to Andy Dodd, Head of Technical Research at Louis Capital Markets.

Dodd says a retest of the neckline left an imperfect Shooting Star candlestick on 1 November , which suggests the recent relief rally may have run its course (Chart 2). The retest also occurred at the 38.2% Fibonacci retracement level of the recent move lower. By themselves, however, Dodd says these signs are insufficient evidence for committing to a bearish stance in the short-term and he awaits further sell signals.

See Chart 1 / Chart 2.

 

 

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