DAX is breaking above the strong resistance
What is happening with DAX? We are seeing the MONTHLY December breakout above the 13340 resistance and a continuation inside the long-term uptrend channel to 14500. Does this mean that the DAX is heading higher in the case of sustained continuation above 13300? Should you be building the buying position…If we look at the monthly chart we can see a huge reversal month happening in November but we need to see a sustained continuation above 13300 for an extension higher to 14500.
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The only thing that we can’t rule out is a violent price action around the 13300-13350 zone we are testing now is not excluded and this is exactly the strong support now for an extreme upside continuation. At the moment a sustained continuation or a bounce off this zone will be a clear indicator that the upside extension is valid and dominant. We can see that clearly on the weekly chart below. We could have a consolidation also.
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We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
