FxWirePro: DAX30 Forms Bearish Bat Pattern, Good to Sell on Rallies
1 June 2016, 12:23
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FxWirePro: DAX30 Forms Bearish Bat Pattern, Good to Sell on Rallies
- Harmonic Pattern formed- Bearish Bat pattern
- Potential reversal zone (PRZ)- 10487 (Apr 21st high)
- The index has made high of 10374 yesterday and started to decline from that level. It is currently trading around 10224.
- Short term trend is weak as long as resistance 10487 holds. Any indicative break above 10487 will take the index up till 10840/11000.
- On the lower side support is around 10120 and any break below will drag the index down till 10000/9900/9810.
It is good to sell on rallies around 10250-10300 with SL around 10500 for the TP of 10000/9810.
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