German index DAX has broken first potential support at 13167. It has been set by the equality of the corrective movements. Currently the market is at the next potential support set by previous local lows near 13000 pts.
If it is broken we may expect a larger correction with key support set by the bullish gap and by the 38,2 Fibo retracement. It could also be a potential right shoulder within a huge inverted head and shoulders pattern.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
If it is broken we may expect a larger correction with key support set by the bullish gap and by the 38,2 Fibo retracement. It could also be a potential right shoulder within a huge inverted head and shoulders pattern.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
81% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.