DAX® – Support turns into resistance


HSBC Daily Trading

Support turns into resistance

As announced, yesterday’s focus at the DAX® was on the support – and this test failed terribly. With a downward gap, significant moving averages in the 12,900 range were directly undercut, and as trading continued, the German blue chip index plunged to 12,599 points, its lowest level since October 2nd. After all: a subsequent recovery of a good 100 points resulted in a slightly positive long fuse on the day candle. Nevertheless, the daily loss of two and a half percent was the highest since September 21. After all, at least one upward trend in the 12,500 range, defined by the striking lows at the end of June and the end of September, remained intact. If this were also broken, the 200-day line, which runs around 12,160 points, could still be tested. The moving averages of the last 55 days, 100 and 200 hours at 12,865 and 12,910 counters are now again in particular that need to be regained. The upper end of the gap opened yesterday is 12,975 points and thus in the range of the 38-day line, which is also important in the medium term.


DAX® (Daily)

Chart DAX®

Source: Refinitiv, tradesignal

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