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DAX: Volume-Price-Trend constant – Donner & Reuschel column

The German leading index is working its way “step by step” towards 13,500 meters. The intraday support at 13,004 points from 11/13/20 represents the closest strategic support brand. This is again not at risk today. The technical market indicators are unanimously neutral. The momentum has recently stabilized. However, it only oscillates just above the zero line. The slow stochastics no longer generate a short-term sell signal. The 13,500 still remain a “tough nut to crack”. The sideways movement (13,500 to 13,004) that has been intact since 11/10/2020 forms the basis for a prospective increase in the next year. For the German leading index, this means possible quotations of up to 15,000 index points in 2021. Today there will again be a daily range between 13,500 and 13,236 index counters. Risk-averse investors should leave the hedges at 13.004.

From a fundamental point of view, important data are expected today. The German and European purchasing manager indices are expected to fall in line with the forecasts. The US labor market data is forecast to be stable. The US stock exchanges are already in the middle of the year-end rally. Both the Dow Jones Industrial, the Nasdaq 100 and the S&P 500 previously had to cope with similar patterns as the DAX 30. After these were over-negotiated, it seemed like a liberation. If the current DAX sideways trend is projected upwards, the short to medium-term price target is 13,996 or plus 3.67%. The volume and the volume price trend are constant. This means that the leading German index remains below 13,500 index points today.

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