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DAX® – This breakout will not be an easy one

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HSBC Daily Trading

This outbreak will not be an easy one

After the dynamic rally on Wednesday, the DAX® had a classic inside day yesterday. The entire daily range therefore took place within the limits of the previous day, which shows the first support both slightly above the 12,800 mark and the more open one at gap 12,697 / 12,773 points. In the meantime, the good one-month uptrend line is already running slightly above the 12,600 mark and the particularly interesting short-term 21-day line is approaching the 12,500 zone. However, we do not have to look that far down at first, because the option of a short-term breakout above the 13,000 mark is still available. As is known, the new four-month high has been exactly 12,999.84 points since the day before yesterday. If the resistance is overcome, it should go up to a broad gap of 13,236 / 13,500 points. The outbreak there should be anything but easy. On the one hand, this is due to the already overbought situation, but ultimately also due to the seasonal structure, because the worst weeks of the year for the German DAX® begin in mid-July and early August, and last until the end of September.

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DAX® (Daily)

Chart DAX®

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