DAX testing descending trendline, potential for further upside | 27 Sept 2021
Type: Bullish Upside
Pivot: 15,678
Support: 15,459
Resistance: 16,007
Preference:DAX H4 is testing the pivot where we may potentially see further upside towards 1st resistance, in-line with 100% Fibonacci retracement and 61.8% Fibonacci extension.
Alternative Scenario:If price drops from the pivot, we may see it swing towards 1st support, in-line with 38.2% Fibonacci retracement and horizontal overlap support.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.