Market Analysis: ​DAX finds support at 11,400 – bears with another attack on Monday?

  • master
  • 13.11.2018
  • Comments Off on Market Analysis: ​DAX finds support at 11,400 – bears with another attack on Monday?

DAX30 CFD

Since the economic calendar is very thin into the start of the trading week, we want to draw a 100% technical picture for the DAX 30 CFD today. After a failed attempt to break above 11,670/700 points on Thursday last week, the DAX30 CFD saw another stint down to the important short-term support region of around 11,400/430 points. While on Friday, a break couldn’t be achieved from the bears, it seems likely that another attempt for a break lower into the start of the trading week is just around the corner.

Economic Announcements - Forex Calendar

Source: Economic Events 12 November 2018 – Admiral Markets’ Forex Calendar

If such an attempt succeeds, another run down to the current yearly lows around 11,050 points in the upcoming days seems possible, a stopover can be found around 11,150/200 points. On the upside the ‘make-or-break’ level remains in the region around 11,670/700 points. With a break in the days to come, a stint towards 11,850/900 is very likely.

DAX30 CFD Hourly Chart

Source: Admiral Markets MT5 with MT5SE Add-on, Accessed: 10 November 2018, 11:00 PM CET

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