Admiral_Markets

DAX30 CFD to reach new All-Time Highs for Christmas?

Long
TVC:DEU30   DAX Index
After last Thursday's developments in the US-Chinese trade deal, the UK's general election, and the Fed's liquidity announcement, the outlook for the DAX30 CFD is very bright as we start the trading week.

The main driver for the bullish action, and the ensuing break above 13,180/200 points resulting in new yearly highs, was certainly the "deal" between the US and China where both sides are said to have agreed on a reduction on existing tariffs, and a delay in those planned to go into effect on December 15.

In addition to this, there was the landslide victory of UK prime minister Johnson's Tories in the General election which made a near-term Brexit deal likely and diminished uncertainties among market participants, as well as the Fed's announcement that it will flood markets with $500 Billion in liquidity to avoid a year-end repo crisis (and will thus extend the Fed balance sheet to new record highs by mid-January).

That said, we project a bullish DAX30 CFD for the yearly close, with a high likelihood of new all-time highs and thus a push to and above 13,600 points in the coming days.

A short-term correction finds a potential Long trigger in the region around 13,280/300 points and a littler deeper around 13,180/200 points, with the mode staying bullish on an Hourly time-frame above 13,080/100 points.

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