When looking at the economic calendar heading into the weekly close, we can see that it is quite thin. That being said, it seems to make the most sense to look at the DAX30 CFD today from a pure technical perspective only. The technical picture in the DAX30 CFD looks very interesting: after the bullish divergence in the RSI (14) on an hourly chart was dissolved (purple), the DAX30 CFD saw a rebound back towards 11,000 points.
Source: Economic Events 12 December 2018 – Admiral Markets’ Forex Calendar
Over the last day the bulls failed several times to take on enough momentum to reconquer this level, and it seems as if the last full week of trading could see another bearish push, bringing up another test of the region around 10,600 points. This would become an option if the DAX30 CFD breaks below yesterday’s lows around 10,880. A first target would then be found around 10,730/750 points.
Now the good news: with the economic calendar thinning out a hard rebound against 11030/050 points seeming unlikely, and if the DAX30 CFD stabilizes above 10,880 points respectively, we don’t get to see a sustainable break of this level, a drift towards the yearly close above 11,000 points seems a serious option.
Source: Admiral Markets MT5 with MT5SE Add-on – DAX30 CFD 1-hour-chart (between 28 November 2017 to 13 December 2018) – Accessed: 13 December 2018 at 11:00 PM GMT – Please Note: Forecasts such as this are not a reliable indicator of future results, or future performance.
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter “Analysis”) published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
- The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
- Each of the Analysis is prepared by an independent analyst (hereinafter “Author”) based on the Author’s personal estimations.
- To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- Whilst every reasonable effort is taken to ensure that all sources of the Analysis are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis. The presented figures refer that refer to any past performance is not a reliable indicator of future results.
- The contents of the Analysis should not be construed as an express or implied promise, guarantee or implication by Admiral Markets that the client shall profit from the strategies therein or that losses in connection therewith may or shall be limited.
- Any kind of previous or modeled performance of financial instruments indicated within the Publication should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- The projections included in the Analysis may be subject to additional fees, taxes or other charges, depending on the subject of the Publication. The price list applicable to the services provided by Admiral Markets is publicly available from the website of Admiral Markets.
Leveraged products (including contracts for difference) are speculative in nature and may result in losses or profit. Before you start trading, you should make sure that you understand all the risks.