DAX longer-term topping pattern holds

Russell Shor, CFTe, MFTA FXCM

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.

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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