Following last week's powerful rally, the DAX’s overall uptrend remains intact, with this week's consolidation serving as a healthy pause for momentum to reset. As long as short term support around 23,750 holds, any pullbacks could be supported by the bullish traders looking to chase momentum, rather than signs of weakness. Even if the index dips a bit lower, this wouldn't necessarily invalidate the bullish breakout, but ideally the 23800-24000 area will need to hold.
Traders will be watching for indications of renewed upward momentum as the week unfolds. A breakout above the trend resistance of the mini consolidation pattern could pave the way for July high near 24,650, which appears increasingly likely. And above that level, we could see the onset of a rally towards 25,000 and potentially higher.
By Fawad Razaqzada, market analyst with FOREX.com
Traders will be watching for indications of renewed upward momentum as the week unfolds. A breakout above the trend resistance of the mini consolidation pattern could pave the way for July high near 24,650, which appears increasingly likely. And above that level, we could see the onset of a rally towards 25,000 and potentially higher.
By Fawad Razaqzada, market analyst with FOREX.com
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.