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DAX30 bears in charge of the price action – below 12,000 points soon?

September 28, 2020 09:30

DAX30 bears in charge of the price action – below 12,000 points soon?

Economic Events September 28, 2020

Source: Economic Events September 28, 2020 - Admiral Markets' Forex Calendar

The DAX30 took a serious hit last week and bears continued to attack into the last weekly close, pushing the German index below 12,500 points.

As one could have expected, the followthrough down to 12,200 points came as no big surprise since the SMA(200) on a daily time-frame was able to be found around that region.

When looking at the daily time-frame, one can clearly spot a highly significant region from a technical perspective. We consider a break below 12,200 points a clearly bearish sign:

  • Such a break would confirm a toppish structure, which has been forming since the beginning of September
  • This makes a run to as low as 11,000 points in the weeks ahead a serious option.

Such a bearish scenario also proves true from a purely seasonal perspective. Not just September, but also October is seasonally bearish during US presidential election years. This will likely play out as long as the following occurs:

  • Further monetary, especially fiscal stimulus, is delivered in the US
  • A deal is made between Republicans and Democrats in regards to another economic relief package.

On the Hourly time-frame, only the possibility of recapturing 12,700 points is brightening the technical picture. Short-term bounces may find a potential short-trigger at around 12,450/500 points:

Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between September 08, 2020, to September 25, 2020). Accessed: September 25, 2020, at 10:00 PM GMT

Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (between May 07, 2019, to September 25, 2020). Accessed: September 25, 2020, at 10:00 PM GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2015, the value of the DAX30 CFD 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%, and in 2019, it increased by 26.44%, meaning that infive years, it was up by 34.2%.

Check out Admiral Markets' most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours.


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