DAX: in correction mode – columns

Past performance, forecasts and simulations are not an indicator of future performance.

The DAX slumped significantly yesterday at the opening, violating several short-term relevant support zones. He thus impressively confirmed the negative implications of the shooting star candle formed on Friday based on the daily chart. It went down to a 6-day low at 13,060 points before a countermovement started around noon.

The index is now in correction mode within the framework of the intact medium-term uptrend. With yesterday’s low, it is already well closer to the next important horizontal support from the last correction low on December 10th at 13,009 points. The countermovement that started at 13,060 points could expand further as long as the support does not fall below 13,147 points. Possible recovery goals are at 13,323-13,367 points and 13,476 / 13,502 points. Closing yesterday’s gap at 13,624 points is also conceivable. A slide below 13,147 points, however, would suggest a serious test of the support at 13,009 / 13,060 points. Below that, the 38.2% fibonacci retracement and the 50-day line at currently 12,887 / 12,927 points would be activated as the next target.

Next support:

  • 13,147
  • 13.009 / 13.060
  • 12.887 / 12.927

Next resistances:

  • 13,323-13,367
  • 13.476 / 13.502
  • 13,624

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