By Admiral Markets
Source: Admiral Markets MT5
The DAX30 has formed bearish head and shoulders pattern, but the price failed to break away. Precisely at W L4 support the price rejected and built the bullish railway track pattern making the Head and Shoulders possibly a fake one. If the price breaks 13318 to the upside, we might see 13422 and 13492. However, if the price continues below the W L4 and the trend line at 13133 we could see a drop to W L5 -13002.
W H1 -. Weekly Camarilla Pivot (Interim resistance – Weak)
W H2 – Weekly Camarilla Pivot (Weekly resistance)
W H3 – Weekly Camarilla Pivot (Weekly resistance – main)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
W L4 – Weekly Camarilla Pivot (Interim support – Strong)
W L3 – Weekly Camarilla Pivot (Interim support – Main)
W L2 – Weekly Camarilla Pivot (Interim support)
W L1 – Weekly Camarilla Pivot (Interim support – Weak)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: DAX30 Bullish Railway Track Pattern at Support
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
