DAX30 CFD attacking trend-support at 12,200 – will it hold?
With a thin economic calendar, we want to start the beginning of the week with a purely technical piece on the DAX30 CFD.
After the German index broke below 12,300 points Thursday or last week, driven by a short dip in US equities, the DAX30 CFD went for a test of the crucial region around 12,180/200 points.
'Crucial', because this region can be considered the trend support on the hourly chart, holding the sequence of higher highs and lows since the beginning of June in play.
Still, by the last weekly close bulls couldn't recapture 12,300 points what leaves the DAX30 CFD vulnerable to another test of the region around 12,180/200 today and in the days to come.
A successful attempt to break lower activates the psychologically relevant region around 12,000 points, while recapturing 12,300 makes another test of 12,430/470.
Then, on Thursday with the ECB rate decision, the cards will be re-shuffled.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
After the German index broke below 12,300 points Thursday or last week, driven by a short dip in US equities, the DAX30 CFD went for a test of the crucial region around 12,180/200 points.
'Crucial', because this region can be considered the trend support on the hourly chart, holding the sequence of higher highs and lows since the beginning of June in play.
Still, by the last weekly close bulls couldn't recapture 12,300 points what leaves the DAX30 CFD vulnerable to another test of the region around 12,180/200 today and in the days to come.
A successful attempt to break lower activates the psychologically relevant region around 12,000 points, while recapturing 12,300 makes another test of 12,430/470.
Then, on Thursday with the ECB rate decision, the cards will be re-shuffled.
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 84% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.