German Dax hits April 16 highs

German Dax hits April 16 highs

Key Resistance: 15535
Key Support: 15355 – 15250

The German Dax has rallied 5% since it bottomed around 14820 late last week and now is retesting April 16 highs (all time highs) whilst breaking the short term structure and last week´s highs.

The last time the Dax traded at these levels it dropped 4.56% (710 pips) to the 14900 level.

In the short term, bullish targets have been hit at the 1.618 of the last leg down and printing a 1H bearish candle that engulfed the past 6 1H candles.

Historically, we have seen multiple drops at previous all time highs ranging from 4% to 15%.

We will pay close attention and manage this trade quickly should buying volume is detected.

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Author : Orlando Gutierrez

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