I talked about the DAX most recently, three weeks ago,
The DAX is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. And Germany, the biggest economy in Europe is stalling. Germany is an export country and so they have been hit hard by the trade tariff between China and the US and the all the uncertainty surrounding Brexit.
You put all these issues in a pot and the finish product is an inevitable recession. An inevitable recession was further supported by the recent ZEW Survey. ZEW Indicator of Economic Sentiment is a leading indicator for the German economy. The recent ZEW Survey showed sentiment among investors fell to -44.1 from -24.5 in July, its lowest since Dec. 2011.
Since price broke the 12200 level and formed a “M” pattern, also known as a reversal pattern,
I’m not sure if price will get back to the 12220 level for a short,
so lets see if price to push to the downside and pull back for a short.
This post is my personal opinion. I’m not a financial advisor, this isn’t financial advise. Do your own research before making investment decisions.