 Hello and welcome to the chart of the week video with me David Adam Today's date is Thursday the 28th of June and the time has just gone 1240 British summertime This week's chart of the week is the DAX or as we call it on a platform the Germany 30 The German market has been under a lot of pressure recently over trade concerns The United States and the EU already have a slight trade skirmish going on at the moment But the wider concern is what's going on between Beijing and Washington DC yesterday recently The United States of America has sort of ramped up its rhetoric and trade tensions have become higher With China and only yesterday the fact that the United States made it very clear that there that the restrictions on Chinese investment In the US isn't going to be as tough as traders originally suspected But the Trump administration has made it made it very clear that they're not taking a soft stance Which the Chinese investment in the United States and essentially Traders are fearful that the the treatment that that China are receiving now is Is a is a indication of what the EU are going to be in store for in the weeks to come and obviously Germany is a major manufacturing Economy during manufacturing is essentially the kind of the parameter of European manufacturing So any kind of trade concerns between the United States and China traders are viewing We could see something similar between the Washington DC and Brussels in the next few weeks or months So you see in the German market come off quite heavy in recent sessions and taking a look at the price action of the past few months The DAX made a fairly decent recovery between March and May Then I had a bit of a pullback in May But the market does start to get a push higher notice that the the high in the middle of June Didn't actually take out the high of of May got quite close But it didn't actually quite get there which is and a bit of a work inside in itself And then since since mid-June the German market has been consistently pushing lower That's a lot of ground in the past couple of weeks I can see a lot of red candles here and as the market is driving lower We can see a steady increase in negative momentum So the market's going lower and it's a steady increase and I'm actually here to have a negative momentum So the momentum is with the sellers only yesterday The German market fell to a level not seen since early April was a bit of an indication in itself of which way the market's heading If you manage to take out yesterday's low of 12123 we could be looking at it back down towards 12,000 the big psychological number or perhaps even down as the early April lows have been around the kind of 11,800 area and if you go south of 11,800 we could be looking heading back down towards the February lows or the 2018 lows of 11,692 If you do manage to snap higher and push and bounce back in the German market We could look at resistance coming to play in on the 12,600 area notice how it acted both support and resistance In in recent weeks out of a certain level has been significant in the recent past It could be significant in the near future pushing north of that Resistance could commit to play at this red line here Which comes into play at 12,787 was again has a bit of reason history of acting as Support and our resistance so it may be significant in the future And also the turning moving average is quite a good problem But whether our market isn't you know is it as positive sentiment or negative sentiment and while it remains south of it It's likely that the sentiment will remain positive But if you do manage to push higher beyond the turning moving average the next area to keep a mile for will be 13,000 big psychological number and we go north of that We've been looking towards because of the June and the May highs even though May was slightly higher high of 13,200 and if you go north of 13,200 it's quite a good We could be an infrared chance then of retesting the January high of 13,600. Well, that's all for me this week. Thank you very much