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Technical analysis for the German DAX, the index broke below a bearish flag on the weekly chart and a range on the daily chart. The breakout sent the index lower, accelerating the bearish pressure. The DAX index reached 0.618 FIB retracement on the weekly chart at 13 300 and the 0.382 FIB retracement on the monthly chart at 13 220. If the German DAX index break below that range between 13 300-13 220, that will open the door for further declines. The first target for this potential bearish breakout is the low on the weekly chart at 11 450. The second target is the 0.618 FIB retracement on the monthly chart at 11 320.
The zone between 14 800 and 15 050 is a strong resistance for the German DAX index.
We must keep in mind that any ‘positive’ development in the war between Russia and Ukraine, as unlikely as it is sounds, will send the German DAX index soaring.
Daily chart:
Weekly chart:
