DAX longer-term topping pattern holds

GER30

The above is a weekly chart of the GER30. The GER30 has charted a head and shoulders top. The index is below its 30-week SMA and the SMA is heading sown. Moreover, the RSI(9) is below 50, which is indicative of an underlying bearish momentum. We also note that neckline resistance has held this week, with the index reacting strongly off of this level.

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