Since the economic calendar is very thin heading into the start of the new week of trading, we want to exclusively focus on the technical side today, and specifically on the DAX30 CFD. At first glance, when looking at the hourly chart, the DAX30 CFD appears neutral with a “bearish touch”. That being said, chances are high that without a push back above 11,300 points, another attempt to break below 11,050 points with a first target of around 10,800 points is right around the corner.
Source: Economic Events 26 November 2018 – Admiral Markets’ Forex Calendar
Nevertheless, bears seem to lose some momentum. While the pushes on the downside last Thursday and Friday came with a surprise (since you couldn’t really expect a trading range between 120-140 points on typically low volatility days like Thanksgiving and Black Friday) in such a relatively thin market environment, bears had a serious chance to push the DAX30 CFD significantly lower – and failed. If on Monday bulls can now quickly re-conquer the mark of 11,200 points, further gains seem likely, and an attempt to make it back above 11,300 points seems to be a serious option.
Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between 24 September 2018 to 22 November 2018) – Accessed: 24 November 2018 at 11:00 PM GMT
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