DAX: upward breakout – UBS column

Review: The DAX was able to gain unexpectedly strong gains in the two previous days and overcome the important resistance area by 13,460 points. After the DAX went out of trading on Monday with a very bearish day candle with a small candle body and a long upper shadow, this day candle was already neutralized on Tuesday with the sharp rise in price. The day before the DAX opened with an upward gap and rose to almost 13,600 points. The breakout to the top was thus successful, the last remaining gap in the price on the upper side at 13,500 points was closed. Now the DAX only has numerous price gaps open on the underside, the first now at 13,374 points.

Outlook: After the long sideways movement of the previous months, the DAX is now rising further. As long as the DAX no longer falls below the 13,300 / 13,350 point range, prices can be expected to continue to rise.

The long scenarios: The DAX can also break the 13,600 point mark and continue to rise to an all-time high of 13,795 points. If the bulls make a breakthrough here too, the attack on the next round mark of 14,000 points could start.

The short scenarios: After the recent price increase, the DAX is heavily overbought for a short time and could initially initiate a correction and close the opening price gap from the previous day at 13,374 points. If it goes deeper, the old resistance area at 13,350 points could be targeted, which has now become a support zone. Also note the big expiry date tomorrow, Friday. Expiry dates are often turning points in the market.

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
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