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Bulls on a roll: DAX30 CFD recaptures 12,000 points

September 09, 2019 11:00

Source: Economic Events September 9, 2019 - Admiral Markets' Forex Calendar


As we enter the start of the week, the economic calendar is quite thin, so we want to focus solely on the technical side in the DAX30 CFD.

After breaking above 12,000 points and re-testing 12,180/200 points into the last weekly close, driven mainly by a headline last Thursday which stated that the U.S. and Chinese envoys will meet in early October for additional talks aimed at ending the tariff war that threatens global economic growth, the picture in the German index stays bullish.

This is technically true on an Hourly time-frame as long as we trade above 11,800/850 points even though the technical picture starts to darken a little if the DAX30 CFD drops below 12,080 points, giving the technical picture on H1 a neutral touch.

As long as we hold above 12,080, the target on the upside stays around 12,270/300 points:

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between August 19, 2019, to September 6, 2019). Accessed: September 6, 2019, at 10:00pm GMT

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between May 31, 2018, to September 6, 2019). Accessed: September 6, 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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