Admiral_Markets

DAX30 bulls still in control – new all-time highs still possible

TVC:DEU30   DAX Index
With a light economic calendar - and no further geopolitical tensions, relevant to the markets, between the US and Iran over the weekend - and the upcoming sign off the Phase 1 trade deal between the US and China coming this Wednesday, volatility in the DAX30 CFD should stay subdued.

In fact, this market environment seems very favourable for a bullish push higher, and we could potentially see the German index once again attack its current all-time highs of around 13,600 points.

In our opinion, such an upwards move seems very likely, and the region around 13,600 points acts as stop-over up to the next target, which will be around 13,800 points.

The region around 13,800 points is of higher interest, with focus on the expiration of DAX options at the EUREX next Friday, and the elevated Open Interest at the strike price of 13,800 points.

Still, bulls should be at least aware of the forming bearish divergence in the RSI (14) on H1 which points from a purely technical perspective to diminishing bullish momentum and could trigger, if bears gain at least short-term control, a bearish stint down to 13,380/400 points.

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