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DAX: Further sideways – UBS column

Review: The DAX does not get out of its long sideways phase, but remains highly volatile. On the previous day, the DAX ranged from 12,459 points in the low to 12,709 points in the daily high. At the closing bell, the DAX finally closed at 12,489 points and again formed a long red day candle. After the exchange, the DAX then picked up significantly in the wake of the US stock exchanges and closed at 12,565 points at the close of the US trade. There is an important signal line for day trading at 12,680 points. Further strength can be expected, including further weakness. The DAX had largely respected this line in the previous days. It remains to be seen in which direction the eruption will take place.

Outlook: The DAX is currently in an extended sideways phase. There is still the possibility of a bearish double top with the highs at 12,913 points from June 8th and 12,942 points from July 6th.

The short scenarios: The DAX continues to move sideways, but eventually breaks down from the sideways phase and falls below 12,500 points. The first contact point of the bears would then be the support at 12,360 points. If it goes further down, the round mark of 12,000 points is likely to be reached. In the long term, however, the situation would only deteriorate with a break below the 200 EMA at 11,860 points.

The long scenarios: The DAX can largely defend 12,500 points and breaks above 12,680 / 12,700 points. Then the bulls should initially head for the highs at 12,842 and 12,913 points and head for the round mark of 13,000 points.

Disclaimer: The text is a column of the UBS. The content of the column is not the responsibility of 4investors and therefore does not necessarily have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!

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