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DAX 30: Potential inverted head and shoulders pattern

Since the beginning of the year the index lost more than 3.5% but last week rose in excess of 3.5% and is in a recovery phase since the mid-July.

Last week the index rose with a narrow range but closed in the green, near the high of the day and managed to close above the previous week high, suggesting a strong bullish momentum.

The stochastic is showing a strong bullish momentum however is still below the 50 mid line.

Expecting an upward move to a key level at 10,457 (scenario 1) on a break above the previous week high at 10,100 and a break above the key level at 10,457 may trigger another bullish run up to the other key level at 11,297 (scenario 2).