DAX bulls take over control again – yearly highs to come?

May 20, 2019

By Admiral Markets

Source: Economic Events May 20, 2019 – Admiral Markets’ Forex Calendar

Since the economic docket is very thin going into the start of the trading week, we want to take the chance to have a look at the DAX30 CFD from a purely technical perspective.

After the German index broke above 12,220 points last Thursday, the sequence of falling highs and lows on the hourly time-frame can be considered broken. The mode has switched to neutral, but with a clear bullish tendency.

When the DAX30 CFD corrected some of its gains last Friday, we could clearly spot first buyers stepping in around 12,200/220 points and even if we get to see another stint lower, the region around 12,130 points still acts as a potential long-trigger.

In general, we can say that as long as we trade above 12,000 points on an hourly time-frame, the DAX30 CFD stays short-term bullish with an active target on the upside being found around the current yearly highs at 12,450 points.

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Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between April 26, 2019, to May 17, 2019). Accessed: May 17, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD daily chart (between January 15, 2018, to May 17, 2019). Accessed: May 17, 2019, at 10:00pm GMT

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