DAX is Ready to Be Sold
The German DAX stock index reached a historic milestone on April 2, soaring to an all-time high of 18,638 points. However, it subsequently entered a corrective phase, experiencing a decline of 6.3% to 17,450 points by April 19, marking its lowest level since February 27. Despite this setback, the benchmark has managed to partially recover from its losses and encounter resistance within the confines of an ascending channel.
The recent rebound has underscored the resilience of the index, albeit with indications of limited upside potential. As the index encountered resistance, it demonstrated its strength, suggesting that further significant gains may be constrained. Currently, the resistance level has been adjusted to 18,850 points, while the support zone lies within the range of 16,000 to 16,500 points, serving as a noteworthy downside target.
In light of these developments, setting a stop-loss between 19,000 and 20,300 points could be prudent, with a preference for higher levels to mitigate the impact of unexpected volatility.
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