DAX has charted a potential topping pattern

Russell Shor, CFTe, MFTA FXCM

The above chart shows weekly price action. The GER30 has charted a potential head and shoulders top. To complete the pattern price will need to break through the green neckline. We do note that the weekly EMAs have set up bearishly with the green 5-week EMA below the orange 13-week EMA, and the orange 13-week EMA below the black 34-week EMA. Moreover, the RSI (9) is below 50 and indicative of bearish momentum.

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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