FxWirePro: DAX30 forms Bearish BAT pattern, good to sell on rallies
Harmonic pattern formed – Bearish Bat pattern Potential Reversal Zone (PRZ) - 12035 The index has formed a minor bottom around 11726 and jumped sharply from this level. DAX30 is trading around 11985 50 points away from a…
The index has formed a minor bottom around 11726 and jumped sharply from this level. DAX30 is trading around 11985 50 points away from all time high.
DAX30 potential Bearish Bat pattern is expected to complete at 11997.Potential reversal zone is around 12035. Any violation above 12035 will take the index till 12165 (161.8% retracement of 11892 and 11463)/11231 (161.8% retracement of 12033 and 11463).
On the lower side, minor support formed at 11726 will be acting as near term support and any break below will targets 11465/11400.
It is good to sell on rallies around 12000 with SL around 12165 for the TP of 11725/11465.
