German DAX Testing Important Fibonacci Resistance… Again!

Germany is a major cog in the European economy. As Germany goes, so goes Europe.

So today, we highlight an important flashpoint on the long-term “monthly” chart of the German DAX stock market index. What comes next may shed some light on Europe’s prosperity over the coming months.

As you can see, the German DAX has rallied back to important dual resistance at (1). Here we can see trend resistance as well as an all important 261% Fibonacci level (that has already been tested and failed). Note that we applied Fibonacci to the 2000 and 2003 monthly closing highs/lows on the DAX.

The last test of the 261% Fib lead to a 30% decline.

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In my humble opinion, what the German DAX does at (1) will send an important message to financial markets throughout Europe and even here in the states. Breakout or breakdown? Stay tuned!

German DAX “monthly” Chart

german dax stock market index double top resistance important chart year 2023

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Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.