While the economic docket is very thin going into the start of the week, the technical picture on an hourly chart in the DAX30 CFD looks very interesting. On Friday, the bulls went on to attack the level around 11,670/700 points, but failed to re-conquer it into the weekly close. Instead, the DAX30 CFD push lower, and closed the week below 11,600 points. The question on the first day of the trading week is now: can the bulls hold the DAX30 CFD above 11,500 points?
Source: Economic Events 02 November 2018 – Admiral Markets’ Forex Calendar
If the answer is “yes”, another attempt to break 11,670/700 points could be around the corner in the days to come, and the bulls would target for 11,850/900 points. If the answer is “no” and the DAX30 CFD drops below 11,500 points, a first target on the downside could be found around 11,400/430 points. A break below that region will most likely initiate further losses in the days to come, and a push towards 11,150/200 points seems very likely.
Source: Admiral Markets MT5 with MT5SE Add-on, Accessed: 03 November 2018, 09:00 AM CET
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.