DAX: Important test for the uptrend.

DAX turned bearish on the 4H time frame (RSI = 41.803, MACD = 25.466, ADX = 46.018) as it crossed under the 4H MA50 and hit the bottom of the short term Channel Up as well as the S1. So far the uptrend is loosely supported and the Channel Up is targeting the all time high (TP = 16,200). If however it closes under the S1, we expect a test of the 4H MA200 at least near the S2 (15,490) before a rebound. Closing under the S2 as well opens the way for the S3 Zone, which will be the lowest risk buy entry on a long term horizon.

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