Technical analysis

DAX Wave Analysis – 31 August, 2021

• DAX reversed from resistance level 16000.00

• Likely to fall to support level 15635.00

DAX index recently reversed down from the resistance zone located between the round resistance level 16000.00 and the upper daily Bollinger Band.

The downward reversal from this resistance zone will most likely form the daily Shooting Star candlestick pattern if the index closes today near the current levels.

DAX can be expected to fall further toward the next support level 15635.00 (former resistance from July which reversed DAX with the 2 daily Hammers earlier this month).

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