DAX – strong bearish signal is developing on weekly chart

DAX holds in red on Friday and attempts again through cracked Fibo support at 13144 (61.8% of 12906/13530 upleg) after repeatedly breaking below 20SMA (13164).
Thursday’s dip to new two-week low at 13103 was short-lived and failed to sustain break below 20SMA / Fibo supports, but downside pressure persists and shows scope for final clear break lower.
Long red candle from the previous day weighs along with south-heading indicators on daily chart.
In addition, the index is on track for strong weekly close in red (after two bullish weeks) with weekly RSI / slow stochastic emerging from overbought territory and generating bearish signal.
Firm break below 13144 handle will be bearish signal for next week’s trading for test of psychological 13000 support and possible test of 12906 (25 Oct trough) in extension.
Broken Kijun-sen (13214) is expected to ideally cap and keep the upside protected.

Res: 13173; 13214; 13291; 13316
Sup: 13103; 13053; 13000; 12906