We are currently at an interesting juncture on the DAX. The rally until now has been very strong, without any significant pullback and many traders are split in terms of what the recent consolidation is suggesting. Some believe it is merely a balance point, an area for the price to pause on the way to a continuation of the trend, given the strength of the momentum, which leans towards a breakout. Others believe that we are providing the liquidity for the larger traders to build their short positions and the signs are leaning towards exhaustion. The common standoff exists again.
We like to follow the trend, so we sit in the continuation higher camp but would welcome lower prices to buy. The trend defining level remains at 12240 for me. We don’t necessarily believe that a break of 12480 is a reversal.
Dax & FDAX Technical Analysis 19-09-2017
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