Type:
Bearish Drop
Key Levels:
Resistance: 13341
Pivot: 13011
Support: 12422
Preferred Case:
On the H4, with price moving within a descending channel and below the ichimoku indicator, we have a bearish bias that price will drop from the pivot at 13011 where the pullback resistance is to the 1st support at 12422 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 13341 where the overlap resistance and 50% fibonacci retracement are.
Fundamentals:
Since Russia’s Gazprom said that a new turbine halt will further cut gas to Germany, it creates additional supply worries and we have a bearish view on the DAX index .
Source: Tickmill
