DAX achieves breakthrough – Donner & Reuschel column

The DAX 30 recently generated two important chart and market signals. On the one hand, support lasted Friday at 13.004 (intraday), and on the other hand, the resistance line was exceeded yesterday at 13.500. This also meant that the “Corona gap” from February 24th, 2020 could be closed again. The short-term target price of 13,996 points thus remains intact. The 15,000 meter mark in the medium term. The German benchmark index is thus starting its year-end rally with a little delay. This is already in full swing in the USA. The short-term price target of 13,996 index points results from the projection of the upward sideways trend that has been intact since November 10, 2020. This ran between 13,500 and 13,004.

The technical market indicators show that prices in the leading German index continue to rise. The trading volume was also slightly above average during yesterday’s breakthrough of 13,500. There is also a slightly positive momentum. This could well expand further. As expected, the US Federal Reserve left its key interest rate unchanged between 0.00 and 0.25 percent yesterday evening. The monetary authorities expressed themselves somewhat more confidently with regard to the economic development of the United States. Economic output is likely to decline this year as a result of the corona pandemic, but the decline is likely to be weaker than previously expected. A new intraday record was set on the Nasdaq with 12,687 points. The Dow Jones was little changed at 30,154 points. The broader S&P 500 index increased slightly by 0.2 percent.

– Next chart resistance: 13,689, 13,795, 13,996
– Next important technical chart supports: 13,500, 13,370, 13,004
– Upper Bollinger Band: 13,493, Middle Bollinger Band: 13,277 and Lower Bollinger Band: 13,062
– 100-day line: 12,895 and 200-day line: 12,083 and: 38-day line: 12,917
– Indicators: MACD: neutral | Slow stochastics: neutral | RSI: neutral | Momentum: positive
– Ichimoku Kinko Hyo: positive
– The opening at 9:00 am is expected at around 13,600
– (Trailing) stop loss: 13,500, 13,370, 13,004 (depending on individual risk perception)

Primary trend (long-term): not yet back in the lfr. Upward trend
Secondary trend (medium-term): The medium-term trend remains positive
Tertiary trend (today): Short term target: 13,996
DAX breaks up out of sideways range
Short term 13,996, medium term 15,000

Livestream on December 14th, 2020 from 6 p.m .:

With Hans-Werner Sinn, former President of the Ifo Institute.

With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
– Here is the stream! –



Related Articles

Back to top button