DAX40 PERF INDEX
DAX40 PERF INDEX
- EUR (-)
- 15 min delayed data - Germany Indices
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Type: Indices
Ticker: DAX
ISIN: DE0008469008

DAX40 PERF INDEX - German DAX 30 Aiming Higher! - 07/04/2016 (GMT)

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Last week’s correction didn’t come as a huge surprise, following the powerful rally in the German DAX 30 index which saw it break many support levels including the psychological level of 10000, as well as the critical level of 9800, below the strong descending trend line which started back in March 2015.

Following the aggressive sell-off from the 10470 – 10525 zone driven by the UK’s decision to leave the European Union, the index made a partial recovery and the index looks destined to reach this year’s highs once more of 10700, above the key zone of 10470 – 10525, a strong technical and psychological zone over the medium term. The DAX 30 finds support near 8690 and also at 9145 and 9285 with the 200-SMA on the weekly chart covering any moves to the downside slightly above the latter level. On the upside, the 10000 region will be the first obstacle for the bulls followed by the 50-SMA and the 100-SMA slightly below the aforementioned zone. That said, I think this may be a short-term move with more potential upside to come before we see the index rally back towards this year’s lows. If we do see it trade higher, further resistance could be found around 1000, which a huge battle is expected from both market forces. Any break above the 10470 – 10525 zone might turn the bias to the positive.
This member did not declare if he had a position on this financial instrument or a related financial instrument.

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