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DAX® – Make or break – the decision is near!

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HSBC Daily Trading

Make or break – the decision is near!

While the S&P 500® achieved a new all-time high (3,501 points) yesterday for the fifth time in a row, the German standard values ​​are unfortunately currently lacking a similar momentum. Even the technical price drivers of the past few days have not been able to change this fact. As a reminder: The latest upward gap (12,911 / 12,925 points), the dissolution of a small flag consolidation, the break in the short-term correction trend (currently at 12,944 points) and the Ichimoku analysis provided the bulls with arguments. But there are also reasons for pausing now. The DAX® continues to move in the orbit of the former upward trend since December 2018 (currently at 13,097 points). Together with the last highs (13,222 / 13,314 points) and the remaining downward price gap from February (13,314 to 13,501 points), an important bundle of resistance arises at this level. In practice, investors cannot overestimate its importance. We would even go so far that a new all-time high above 13,795 points beckoned if the described lid is removed. Traders in particular can use the above Gap at a good 12,900 points currently use a close hedge.

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DAX® (Daily)

Chart DAX®

Source: Refinitiv, tradesignal

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