DAX: Ascending Triangle on an RSI bearish div. Sell opportunity.
DAX is trading inside a 1D Ascending Triangle (RSI = 57.402, MACD = 123.300, ADX = 27.184, Highs/Lows = 79.6214) and currently is testing the Higher High trend line. With the RSI though on a bearish divergence since practically the start of the pattern, we are expecting a pull back soon. Notice how the RSI is also on the High of its Channel Down (bearish divergence) pattern, which has delivered a drop in the previous two times.
The 1D MA50 is acting as the pivot at the moment and should be the first Target for short term traders. If we see a 1D candle close below the MA50, then traders may extend shorting (but with the SL lowered down to a profit level) towards the 12,880 Support.
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The 1D MA50 is acting as the pivot at the moment and should be the first Target for short term traders. If we see a 1D candle close below the MA50, then traders may extend shorting (but with the SL lowered down to a profit level) towards the 12,880 Support.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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