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DAX Index Could Be Creating Bearish Double Top, Says Joe Friday

Courtesy of Chris Kimble

Could the DAX (Germany) be double topping as it kisses the underside of a 10-year rising channel? Possible

The strong rally by the DAX over the past year, has it kissing the underside of its 10-year rising channel at (1).

While kissing the underside of the channel it finds itself back at the same level it double topped in late 2017/early 2018.

Joe Friday Just The Facts Ma’am; If the DAX breaks rising support at (2), it could be double topping and selling pressure should increase.

What the DAX does at (1) and (2) the next few weeks will most likely send  a key message to stocks in the states,

What do stock bulls in Europe and the states want? A break out at (1), which would be above the 2018 highs! If it can accomplish this, most likely it is not double topping.

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