Courtesy of Chris Kimble
Has the DAX index from Germany experience a large decline of late? Yes, it has!
Has the decline broken long-term rising support lines? Not so far!
This chart looks at the DAX index on a monthly basis over the past 25-years. Over the past 6-years, it has traded sideways inside of the blue rectangle at (1).
The decline this year saw the DAX hit two 18-year rising support lines at (2) last month, where a large bullish reversal took place.
Until broken, important support remains in play at (2), which is bullish for this key index.
If the DAX takes out both of these 18-year support lines, it would send a strong bearish message to stocks in Europe and the States!
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