German DAX May Be Going Bearish
Chris Kimble | Jan 03, 2020 02:29PM ET
Could Germany's DAX be double topping as it kisses the underside of a 10-year rising channel?
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It's possible
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The strong rally by the DAX over the past year has it touching the underside of its 10-year rising channel at (1).
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While kissing the underside of the channel it finds itself back at the same level it double topped in late 2017/early 2018.
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If the DAX breaks rising support at (2), it could be double topping and selling pressure should increase.
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What the DAX does at (1) and (2) over the next few weeks will most likely send a key message to stocks in the states,
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What do stock bulls in Europe and the states want? A break out at (1), which would be above the 2018 highs! If it can accomplish this, most likely it is not double topping.
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