DAX: Shooting Star – Columns

Past performance, forecasts and simulations are not an indicator of future performance.

The DAX was volatile on Friday. After a weaker opening, it continued its rally to a 10-month high at 13,774 points that was recorded earlier this morning. This brought the index closer to the record high from February, up to 21 points. Profit-taking that started there pushed the price back into the red in the afternoon. The German stock market barometer closed not far from the daily low with 13,631 points.

A bearish shooting star candle formed on the basis of the daily chart. With its pronounced wick (upper shadow) it indicates excess supply at the important price level that has been reached. A short-term consolidation or correction would not come as a surprise in view of the situation in the technical market indicators as well as in the sentiment indicators. The index is next supported at 13,567-13,597 points. Below this short-term relevant zone (especially based on the daily closing price) there would be a slight clouding of the chart and it would be necessary to plan a breather with deliveries in the direction of 13,500 points, 13,445-13,460 points and possibly 13,375-13,412 points. A sustained rise above the critical hurdle at 13,774-13,795 points per day’s close is required in order to generate a procyclical follow-up buy signal within the framework of the overall upward trend. In this case, the next possible targets can be identified at 13,899-14,007 points and 14,228 points.

Next support:

  • 13,567-13,597
  • 13,500
  • 13,445-13,460

Next resistances:

  • 13.726 / 13.729
  • 13,774-13,795
  • 13,899-14,007

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