Is the DAX30 CFD about to recapture 12,000 points in the coming days?
Source: Economic Events September 2, 2019 - Admiral Markets' Forex Calendar
As we enter the start of the week, the economic calendar is quite thin due to the US bank holiday "Labour Day" (please check the Trading Schedule for modified trading hours at Admiral Markets here), so we shouldn't expect huge volatility and big moves, especially in the DAX30 CFD.
Still, the technical picture looks very interesting after the German index broke above 11,800/850 points and went for a test of the psychological relevant region around 12,000 points into the weekly close.
A direct follow through failed, but the DAX30 CFD seems solidly supported around 11,800/850 points and if we get to see a re-test of this region, we consider it to be an interesting long-trigger.
In general, as long as the DAX30 CFD trades above 11,570 points, we consider the mode on H1 bullish and if the scenario described above plays out and the German index breaks above 12,000 points, further gains up to 12,270/300 points in the days to come are a serious option:
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between August 12, 2019, to August 30, 2019). Accessed: August 30, 2019, at 10:00 PM GMT
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between May 24, 2018, to August 30, 2019). Accessed: August 30, 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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