DAX® – The wrestling goes into the next round – columns


from Jörg Scherer, Technical Analyst HSBC

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HSBC Daily Trading

The wrestling goes to the next round

After the extremely successful previous month, December got off to a good start. The bottom line is that the DAX® posted further price gains, which, as expected, bring the 13,400 point mark into focus. Tailwind continues to come from the USA, where, for example, the S&P 500® has reached a new all-time high (3,678 points). It is interesting in this country that yesterday’s DAX® trading range took place entirely within the previous day’s counterpart. So there is an inner bar. On the upside, the most recent high (13,445 points) can therefore be combined with the September high at 13,460 points to form the (possibly) decisive signal zone. If the leap over these hurdles is successful, an attempt at the previous all-time high of 13,795 points beckons. To the south, however, investors should have the low of the day before yesterday (13,257 points) in the back of their minds, especially since the German “blue chips” should probably take a break at the start of trading. A slide below this level would result in failure at the above. Speaking of the resistance zone at around 13,400 points and providing the starting signal for a short-term consolidation in the direction of the recent lows at 13,035 / 13,005 points.

DAX® (Daily)

Chart DAX®

Source: Refinitiv, tradesignal²

5-year DAX® chart

Chart DAX®

Source: Refinitiv, tradesignal²

New record high: triangles dissolved!

Gaps are important and often represent a significant source of performance. Gaps in prices that persist beyond the end of the period should therefore be procyclical, ie. H. interpret in the direction of the outbreak. Since the BioNTech share ultimately defended the gap of November 20 (USD 95.05 to USD 97.56), investors can tick the claim stated at the beginning. The jump to a new all-time high (USD 128.13) simultaneously ensures the “bullish dissolution” of two triangular formations. On the one hand, the price development of the last eight months can be interpreted as an ascending triangle. On the other hand, there has been a symmetrical counterpart since July (see chart). The latter opens up an imputed connection potential of up to around 140 USD. Under money management aspects, there is – depending on personal risk tolerance – either the upper limit of the above. ascending triangle in the form of the old record highs at USD 105 or the upward price gap described above as a hedge.

BioNTech (ADR) (Daily)

Chart BioNTech (ADR)

Source: Refinitiv, tradesignal²

5-year BioNTech (ADR) chart

Chart BioNTech (ADR)

Source: Refinitiv, tradesignal²

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