DAX bulls in position to regain control & aim for yearly highs?
As we start the week, we want to take a look at the premiere German equity index, DAX30 CFD. But despite a packed economic calendar, no relevant data is published for equities.
That's why we want to focus primarily on the technical side in the DAX30 CFD today. After the last week of trading resulted in a sustainable drop below 12,300 points, the long sequence on H1 can be considered broken.
Nevertheless, the DAX30 CFD saw a drift back, and a weekly close clearly above 12,300 points. With the upcoming German bank holiday on Thursday, October 3 (for an update of the trading hours in Cash and Futures Index CFDs, check our News section on the website HERE), it seems likely that the German index continues with its drift higher and we get to see a test of the current September highs around 12,500 points.
This is especially true as long as no new tensions in the trade dispute between the US and China arise.
Another short pullback against 12,300 should be carefully watched since this region could act as an attractive Long trigger.
Only a drop below the pre-weekly lows around 12,140/150 points would significantly darken the picture and switch our focus on the psychological relevant region around 12,000 points.
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/education/webinars/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.
That's why we want to focus primarily on the technical side in the DAX30 CFD today. After the last week of trading resulted in a sustainable drop below 12,300 points, the long sequence on H1 can be considered broken.
Nevertheless, the DAX30 CFD saw a drift back, and a weekly close clearly above 12,300 points. With the upcoming German bank holiday on Thursday, October 3 (for an update of the trading hours in Cash and Futures Index CFDs, check our News section on the website HERE), it seems likely that the German index continues with its drift higher and we get to see a test of the current September highs around 12,500 points.
This is especially true as long as no new tensions in the trade dispute between the US and China arise.
Another short pullback against 12,300 should be carefully watched since this region could act as an attractive Long trigger.
Only a drop below the pre-weekly lows around 12,140/150 points would significantly darken the picture and switch our focus on the psychological relevant region around 12,000 points.
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/education/webinars/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.
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