Type:
Bearish Drop
Key Levels:
Resistance: 13344
Pivot: 12996
Support: 12370
Preferred Case:
On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from pivot at 12996 where the pullback resistance is to the 1st support at 12370 where the swing low support and 161.8% fibonacci extension are.
Alternative Scenario:
Alternatively, price could break pivot structure and rise to 1st resistance at 13344 where the overlap resistance and 61.8% fibonacci projection 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
