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DAX rebounds down again – UBS column

Review: The day before, the DAX tried again to break through the massive resistance zone between 13,300 / 13,350 points. The index reached 13,454 points at the daily high, then turned down again and went out of trading at 13,340 points. A very bearish day candle formed with a long upper shadow and a small candle body. In addition, there is now another price gap on the bottom, the opening price gap from the previous day at 13,297 points. The DAX has been moving sideways for months. Numerous attempts by the bulls to break through the resistance area have already failed. Before the trading session, the DAX was trading in a range of 13,330 points lower.

Outlook: The DAX is not making a sustainable breakthrough upwards. The strong euro, which is already trading around 1.21 dollars, also contributes to this.

The short scenarios: The DAX continues the weakness of the previous day on Thursday and confirms the bearish candle of the previous day. The first target on the subpage is the price gap at 13,297 points. If it goes deeper, support of 13,230 points could be started, below which the round mark of 13,000 points would be targeted by the bears. The lower limit of the rising trend channel also runs here.

The long scenarios: The DAX can shake off the previous day’s weak candle and rise again immediately. If a rise above the resistance range at 13,450 points succeeds, a further run-up to the last upper price gap still open at 13,500 points would be expected. In addition, the DAX could take course to the all-time high of 13,795 points.

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