Signs point to a bullish breakout coming in the DAX30 CFD
As the economic calendar, particularly in Europe, is quite thin this week, our focus will be on the technical side in the DAX30 CFD.
On an hourly chart, we consider the mode to be neutral and range-bound between 12,300 and 12,500 points. But, given the sequence of higher highs and lows, there's a clear bullish touch.
Given the recent price action, we consider a significant and sustainable break above 12,500 points to be only a matter of time, levelling the path up to the current yearly highs around 12,650 points in the German index.
We project a technical target to be around 12,700 points, given the 200 point range between 12,300 and 12,500.
Only a break below 12,300 points would darken the bullish outlook, switch the mode to neutral, and activate the region around 12,180 points as a first potential target on the downside.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.
On an hourly chart, we consider the mode to be neutral and range-bound between 12,300 and 12,500 points. But, given the sequence of higher highs and lows, there's a clear bullish touch.
Given the recent price action, we consider a significant and sustainable break above 12,500 points to be only a matter of time, levelling the path up to the current yearly highs around 12,650 points in the German index.
We project a technical target to be around 12,700 points, given the 200 point range between 12,300 and 12,500.
Only a break below 12,300 points would darken the bullish outlook, switch the mode to neutral, and activate the region around 12,180 points as a first potential target on the downside.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/e.../trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% 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.