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DAX 40 Struggles for Support

Equities plunge as investors fear that central banks could double down on their fight against inflation. The Dax 40 turned south at the start of a deep correction back in June (13960). As a sign of overextension, a bearish RSI divergence compounded the indicator’s repeated overbought conditions. An initial fall below 13730 forced out short-term positions. Then a dive below 13460 was a liquidation as more buyers bailed out. 13100 is a daily support and its breach could drive bids to 12700. 13530 has turned into a supply area.

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