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DAX: Selling Pressure Still Mounting

Adel 27 October, 2020 11:58 am Daily Technical Analysis, Technical Analysis

The German DAX was trading on negative side, reaching its lowest price during the previous session at 12077.

Technically speaking, looking at the 60-minute chart, we find that the simple moving averages continue to pressure the price, with consolidation below the broken support-into-resistance 12400.

The bearish scenario will remain intact, knowing that trading below 12075 facilitates the task required to visit 12030 as a first target, and breaking it will extend losses towards 11870.

From the top, a rise in the price above 12400 negates the bearish scenario, and the index recovers towards a re-test of 12490. Warning: the risk level may be high today.

S1: 12030R1: 12400    
S2: 11870    R2: 12610   
S3: 11660   R3: 12770    

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