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DAX: Will the fight for the 13,000 point mark be lost? – UBS column

Review: The German share index was able to assert itself again in the past few days and was close to touching the 13,000 point mark on Tuesday. The daily high was 12,966 points. After the interim low at 12-341 points, the index was able to gain 600 points again. However, the round 13,000 point mark and the 13,350 point mark provide massive resistance. Therefore, the chart image cannot convince the buyer yet. Since the US indices broke away in late trading yesterday, it will be even more difficult for the bull to launch another attack on the 13,000-point mark.

Outlook: The DAX has torn a gap in the chart at 12,700 points in the past few days. That gap could be closed today as a very weak opening could follow.

The long scenarios: If the index can stabilize above the 12,700 point mark, that would be a bullish sign. In this case, the index could rise again above the EMA50 in the daily chart. A daily closing price above 13,000 points would be a procyclical buy signal with the aim of reaching the 13,300 point mark.

The short scenarios: A daily closing price below 12,500 points should provide further selling pressure, so that the 200-day line at 12,355 points will again move into the focus of investors. A relapse on a daily basis below 12-300 points would provide a fresh sell signal.

Disclaimer: The text is a column of the UBS. 4investors is not responsible for the content of the column 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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