Market Analysis: DAX30 CFD struggling to reconquer 11,000 target – hard rebound unlikely

  • master
  • 15.12.2018
  • Comments Off on Market Analysis: DAX30 CFD struggling to reconquer 11,000 target – hard rebound unlikely

DAX30 CFD - Market Analysis

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.

Forex Calendar - Economic Announcements

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.

DAX30 CFD Hourly Chart

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.

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