German DAX Shows Signs of Rebound at Key Support Zone: What's Next for the Index?

Stocks Analysis by Fawad Razaqzada covering: DAX, DAX Futures, iShares Core DAX® UCITS ETF (DE) EUR (Acc), L&G DAX® Daily 2x Short UCITS ETF. Read Fawad Razaqzada's latest article on Investing.com

comes after the German benchmark stock index printed a doji candle on the daily time frame inside a major long-term support zone on Monday, around 14700 . This is where the index had found strong support and resistance in the past, while the 38.2% Fibonacci retracement level of the entire rally from October 2022 also comes into play here.

So, it is quite possible we will see the return of the bears once some of the ‘oversold’ conditions are worked off. Look out for signs of reluctance from the bullish camp to commit despite this bullish-looking price action. If we don’t see a convincing move higher in the next two-three days from here, then that could be a sign that the bulls will be in trouble again.

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