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DAX: Focus on the upper gap – UBS column

Review: The DAX has been moving sideways for the most part since June, but has increasingly attempted to break out upwards in the past few trading days. On Wednesday, too, the DAX was able to pull up strongly in the thin pre-Christmas market and go out of trading at 13,587 points. The day’s high was 13,601 points. However, the DAX was still a little short of its high of 13,774 points and its all-time high of 13,795 points. It remains to be seen whether the price gains can also be defended after the holidays, when the trading volume increases again. As long as the DAX is above the 50 EMA at currently 13,120 points, further rising prices can be expected. In the very short term, the DAX shows strength above the 10 EMA at currently 10,433 points.

Outlook: Overall, the DAX continues to move sideways in the area of ​​the massive resistance zone that has existed for years, as can be seen in the monthly chart.

The long scenarios: The bulls still have the reins in their hands and hold the DAX above the important 10-EMA. As long as this succeeds, a further run-up to the round mark of 13,700 points and a high of 13,774 points can be expected. Above that, the all-time high of 13,795 points would then be targeted by the bulls. If an upward breakout succeeds here, a further rise to the round mark of 14,000 points would be expected.

The short scenarios: The DAX slides down again and falls below the important previous resistance zone at 13,350 points. This would be seen as a weakness signal and a further decline in price up to the 50 EMA and the lower limit of the trend channel should be expected.

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