Thursday, 26 April 2018

Xetra Dax: Fighting resistance at top end of weekly cloud!

Xetra  Dax having a hard time to get past the 12661 resistance zone at the top end of the cloud! Need to see a breakout past this level. Dax in trouble as price action still stuck within cloud chart resistance.

Outlook at the front end of the cloud is bearish! Could see more downside if the Dax does not breakout of cloud chart resistance!

On the daily chart, the Dax is range bound within the cloud, with the top end cloud chart resistance zone at 12663/12798, and bottom end cloud chart support zone at 12186!
We need to see a sustained breakout past cloud chart resistance! Downside risk remain in place!
Expect a re-test of upside resistance!

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