Quick Technical Overview - DAX Index: descending triangle pattern to be formed for the bearish breakdown
12 October 2015, 18:11
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Weekly price is on bullish market condition for ranging between
Central Pivot at 9400 and R1 Pivot at 10453.
- The price is ranging within Central Pivot at 87.07 and R2 Pivot at 99.31
- Descending triangle pattern was formed by the price with 9298 support level to be crossed for bearish breakdown.
- The nearest resistance levels are R1 Pivot at 10453 and 10518 level.
- The nearest support levels are Central Pivot at 9400 and 9298 level.
| Instrument | S1 Pivot | Yearly PP | R1 Pivot | R2 Pivot |
|---|---|---|---|---|
| GX |
8705 |
9400 | 10453 | 11148 |
If W1 price will break R1 Pivot at 10453 from below to above on close W1 bar so the primary bullish trend will be continuing.
If W1 price will break Central Pivot at 9400 from above to below so we may see the reversal of the price movemewnt to the primary bearish market condition.
If not so the price will be ranging between the levels.
Trend:
