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DAX with weekly close above 13,000 points – next stop: All Time High?

November 16, 2020 10:30

DAX with weekly close above 13,000 points – next stop: All Time High?

Economic Events November 16

Source: Economic Events November 16, 2020 - Admiral Markets Forex Calendar

In our last technical piece for the DAX30, last Monday, we were quite reserved in regards to further bullishness over the course of last week.

While we wrote in the last paragraph:

[…] If bulls, on the other hand, stay in control and push the DAX30 above 12,600 points, a continued run up to 12,700 points would become an option, above which, a run to above 13,000 points would then become an option. […]

We didn't really anticipate what would follow right on Monday: after Pfizer/BioNTech announced that they were on their way to a Covid-19 vaccine which is said to be effective in over 90% of the cases in preventing the virus. The German index exploded on the upside, pushing significantly above 13,000 points, only falling short of an attack on the region around 12,250/300 points.

While the German index stabilized from Tuesday to Friday, the short attempt to push the DAX30 back below the 13,000 point mark on Thursday failed and was quickly bought back, leaving the German index to close the week above 13,000 points.

Should the DAX30 see another attack at the 13,000 point level, the uptrend of last week could be considered broken on the H1, leaving the German index vulnerable to a run down to 12,880/900 points. If it breaks below that level, a move to as low as 12,600 points will become an option, erasing all of the recent "Covid-19 vaccine hope" gains.

If the German index, on the other hand, breaks above 13,300 points, the focus will quickly switch to the September highs at around 13,450 points. In fact, this would be the last stop-over before bulls go for an attack on the All Time Highs around 13,800 points:

DAX30 CFD Hourly chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Hourly chart (between October 26, 2020, to November 13, 2020). Accessed: November 13, 2020, at 10:00 PM GMT

DAX30 CFD Daily chart

Source: Admiral Markets MT5 with MT5SE Add-on DAX30 CFD Daily chart (from June 24, 2019, to November 13, 2020). Accessed: November 13, 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 in five 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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