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DE30 vulnerable to further losses

2:17 PM 4 May 2023

The DAX futures / DE30 is pulling back from the yearly high this week and testing the previous week's low.

Source: xStation5

W1 chart

The horizontal trend line at 15,816 points seems to be holding. This offers the chance for a recovery - as in the past two weeks. A break to the downside could in turn mean targeting the breakout level at 15,698 points - then later the interim high at 15,463 points.

Source: xStation5

M15 chart

The sell-off has been stopped. However, this does not change the downward trend structure. As long as the DAX does not have higher highs and higher lows above the moving averages and a change in direction is confirmed by a crossover, the index is vulnerable to further losses.

Source: xStation5

Maximilian Wienke, CFTe
XTB Germany

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