Blue lines- resistance trend lines
Yellow rectangle- support and pull back target
DAX is under pressure today. After back testing the broken support trend lines from below, price got rejected and we are now under pressure again. DAX is challenging the short-term support that produced the latest bounce. A weekly close below last week's low would be a bearish signal. If DAX bulls fail to hold this support level, then we should not be surprised if the selling pressures rise and the index falls towards 14,700. Price remains vulnerable to a move lower. Traders need to be cautious.Recent highs at 16,214 must be recaptured for the bulls to reclaim control of the trend.
