Is it the time for Corrective move down for German Stock Index DAX 30? Weakness can be observed in German Stock Index DAX 30 as of now. Now the question is, What to Expect? The question is extremely relevant in the present stock index markets. Let’s find out the answer through this blog post.
Analysis of German Stock Index DAX 30 Stock Index:
German Stock Index DAX 30 has printed a massive Bearish Engulfing Candlestick in the Daily chart as shown in the chart.
In the last 2 weeks, the price of German Stock Index DAX 30 has printed the following bearish Candlestick patterns back to back:
1. Bearish Engulfing Candlestick pattern on Thursday, 13-February-2020
2. Bearish Evening Star Candlestick pattern on Tuesday, 18-February-2020
3. Bearish Evening Star Candlestick pattern on Friday, 21-February-2020
Important points to note from the chart are as below:
A. Back to back Bearish Candlestick patterns are generally considered strong signal.
B. The high of Bearish Evening Star Candlestick pattern on Tuesday, 21-February-2020 is an absolute high compared to Bearish Evening Star Candlestick pattern on Tuesday, 18-February-2020, but not a relative high as it is below the middle channel line and the high of Bearish Evening Star Candlestick pattern on Tuesday, 18-February-2020 is above the middle channel line.
Considering all of the above points and if the price is going below 13,384 level, we shall maintain a Bearish Bias for German Stock Index DAX 30.
Our price objectives from this Bearish Bias for German Stock Index DAX 30 are as below:
1. 1st price objective is at 13,470 price level.
2. 2nd price objective is at 13,358 price level.
3. 3rd price objective is at 13,250 price level.
4. 4th price objective is at 13,087 price level.
5. 5th price objective is at 12,993 price level.
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Our Post dated January, 27 2020:
Weaknesses can be observed in Australia 200 (ASX200) and Hong Kong 50 (HK50) Stock Indices as of now. Now What to Expect? The question is extremely relevant in the present stock indices markets. Let’s find out the answer through this blog post.
1. Analysis of Hong Kong 50 (HK50) Stock Index:
Hong Kong 50 (HK50) Stock Index has printed a massive Bearish Engulfing Candlestick in the weekly chart as shown in the chart last week (week number 04). This week number 04’s Candlestick can be considered to be a powerful bearish reversal candle since it has engulfed the bodies of week number 52 (2019), week number 01, 02 and 03 (2020). So this weekly Candlestick has covered the last 4 weeks Candlestick’s bodies. This type of Candlestick is considered to be very strong, especially when it appears with a context of an existing resistance. This resistance can be observed at 78.6% Fibonacci retracement level as shown. The Fibonacci is drawn from week number 18’s swing high to week number 33’s swing low. When this happens (Strong Bearish Candlestick appearing at a Resistance) there can be a good probability that the price of this Hong Kong 50 (HK50) Stock Index going down.
2. Australia 200 (ASX200) Stock Index has printed a possible Head and Shoulder in a four hour time frame and a possible Double top in a Daily time frame chart.
a. The Head of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 22-Jan-2020 15:00 bar at the swing high of 7,155.2 price level.
b. The Right Shoulder of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 24-Jan-2020 07:00 bar at the swing high of 7,130.2 price level.
c. The Left Shoulder of the head and shoulder pattern for Australia 200 (ASX200) Stock Index was formed on 18-Jan-2020 07:00 bar at the swing high of 7,110.5 price level.
d. The neck line was drawn joining the in-between (between Head and Left Shoulder and Head and Right Shoulder) swing lows of 21-Jan-2020 11:00 bar and 23-Jan-2020 23:00 bar.
e. The last bit was to draw a vertical line from the neck line to the high of the Head and copy-paste the same vertical line on below the neck line when it was broken (i.e. price crossing below the neck line) to get the target of 6,960 as shown below:
Since both Australia 200 (ASX200) and Hong Kong 50 (HK50) Stock Indices are showing weakness this can be interesting to observe the further move down towards our intended targets.
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With our Proprietary Trader Foundation Course for Stock Markets Indices like the ASX 200, DJI 30 or DAX 30 Index markets, you can be benefited on a regular basis on ASX 200, DJI 30 or DAX 30 and other Stock Market Indices.
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