DAX: Overbought and approaching August's Resistance.

18 Nov 2023

DAX turned overbought on the 1D timeframe (RSI = 71.962, MACD = 124.900, ADX = 41.751) as it closed its 9th straight green 1D candle and is approaching the R1 level (16,050). This has been the Resistance since the start of August. The index is in need of a technical pullback otherwise this rally won't be sustainable. We will short next week's opening near the R1 and aim for the 1D MA200 (TP = 15,670), which is at the top of the S1 Zone. That is a Symmetric Support Zone holding since April 5th, only broken downwards in September's selloff.

See how our prior idea has worked:

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