DAX 30 stock index drops at the time of writing after reaching a monthly resistance. Actually, a temporary decline could be natural. A retreat could help us to catch a new upside momentum.
As you already know, the German index registered a new all-time high of 15,521.6, so it’s risky to buy around this top. A corrective phase could bring new opportunities soon.
DAX 30 is traded at 15,112 level and it could slip lower after failing to stabilize above the R1 (15,447). The immediate uptrend line is seen as an important near-term target. Also, the index could approach the weekly pivot point (14,641) after registering the false breakout above the R1.
The outlook is bullish despite the current decline. Only a major reversal pattern and a drop below strong support levels will signal that DAX 30 could develop a larger drop.
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