DAX: Watching 18,000 for a reaction
Been observing the DAX quite closely this week. While the general sentiment seems to be favoring continued upside, I'm personally cautious around the 18,000 psychological level. We've seen it act as significant resistance in the past, and even though we've had attempts to break through, they haven't held convincingly. My scenario involves watching for a rejection from here, perhaps a double top forming on the daily chart if price struggles to maintain traction above it. The risk to this perspective, of course, would be a strong, high-volume break and sustained close above 18,050. If that happens, then my whole premise is invalidated, and we're likely looking at a fresh leg up. But until then, I'm waiting for confirmation around this critical point.
That's a solid point on the 18,000 level. I've been seeing some similar resistance in my own charting. What kind of volume are you looking at for confirmation of a rejection?