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DAX30 bears fail to take over control – bulls chomping at the bit

July 15, 2019 10:30

Source: Economic Events July 15, 2019 - Admiral Markets' Forex Calendar


In our last technical research piece last Monday, our headline read:

"Bearish divergence in the DAX30 CFD – test of 12,450 ahead?"

and not only did we get to see a close of the gap at 12,450 points, but the German index took on further momentum over the last days of trading and tested the region around 12,300 points.

Now, in our opinion, things become interesting from a technical perspective: the drop lower consisted of some sharp ups and downs in the lower timer-frames and resulted in a bullish divergence now which indicates that the DAX30 bears failed to take control so far and the bearish momentum diminishing again.

If the bulls can now reconquer 12,430/470, the bullish divergence could be considered confirmed and further gains up to the current yearly highs around 12,650 points are likely.

If we drop on the other hand below 12,300 points a push as low as 12,180/200 points is a serious option and the short-term long sequence which stays in play on H1 as long as we trade above that region is in danger:

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between June 24, 2019, to July 12, 2019). Accessed: July 12, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.


Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD daily chart (between March 23, 2018, to July 12, 2019). Accessed: July 12, 2019, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2014, the value of the DAX30 CFD increased by 2.65%, in 2015, it increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, meaning that after five years, it was up by 10.5%.


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