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DAX® – You should know this cross resistance! – columns

You should know this cross resistance!

The new all-time highs of December 29th and the beginning of the year on January 4th (13,903 / 13,907 points) have so far brought the DAX® no luck. Yesterday, the share barometer also closed the “Christmas price gap” (lower gap edge at 13,602 points). In this context, we would also like to remind investors of the previous upward trend since the end of 2018 (currently at 13,787 points). Last year, the trend line described stood in the way of a further rise in the German standard values ​​in June and practically throughout the entire third quarter. On the top, the above. Former uptrend together with the old all-time high from February 2020 (13,795 points) an important cross resistance. A closing price above this resistance zone would be important because the DAX® was not able to take this break at the end of December or at the beginning of the year. There is important support at 13,460 points (September high) or in the form of the horizontal retreat lines at around 13,300 points. Only a rebreak of this level would give the German standard values ​​a real blow in the neck.

DAX® (Daily)

Chart DAX®

Source: Refinitiv, tradesignal²

5-year DAX® chart

Chart DAX®

Source: Refinitiv, tradesignal²

Textbook-like vola impulse

The sideways phase of the past two and a half years has turned out to be a solid stepping stone for Evotec shares. The Bollinger Bands – the limits of the volatility indicator were closer together than ever before – have thus once again emerged as a reliable harbinger of a new trend impulse (see “HSBC Daily Trading” of November 13th). The reward for the effort is a new multi-year high. From the amount of the previous sliding zone between around 17 EUR on the bottom and a good 27 EUR on the top, an imputed connection potential of around 10 EUR can be derived. The price target of around EUR 37 also harmonizes very well with the parallels to the upward trend since the end of 2017 (currently at EUR 35.72). The unchanged high relative strength (Levy) and the most recent MACD buy signal suggest that the movement impulse will continue. In order not to let the risk of a false outbreak to the north arise in the first place, the high of July 2019 (EUR 27.29) is a good hedge. A stop loss on this basis also guarantees an attractive risk-reward ratio.

Evotec (Monthly)

Chart Evotec

Source: Refinitiv, tradesignal²

5-year chart Evotec

Chart Evotec

Source: Refinitiv, tradesignal²

Springboard used …

… flag dissolved upwards! This is how the latest Pan American Silver share price performance can be aptly summarized. The mining company benefits from the positive start to the year for precious metals overall. Viewed through the technical chart, after several years of bottoming out, the 38-week line (currently at USD 31.41) in December turned out to be a textbook stepping stone. Yesterday followed the spurt above the correction trend since August (currently at USD 36.02), which at the same time reversed the upward flag consolidation described above. Two factors also reduce the risk of a “false break” on the top. On the one hand, the flag was able to break out with a small upward gap (35.10 USD to 35.44 USD), on the other hand various indicators provide additional tailwind. We would like to emphasize the downtrend break in the course of the relative strength (Levy) as well as the new MACD buy signal (see chart). The amount of the consolidation pattern given results in a calculated target price of around USD 43. Investors can therefore hope for a new multi-year high. As a close-meshed safeguard, the lower gap edge of the above. Predestined course gap.

Pan American Silver (Weekly)

Chart Pan American Silver

Source: Refinitiv, tradesignal²

Pan American Silver 5-year chart

Chart Pan American Silver

Source: Refinitiv, tradesignal²

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