DAX 30 Forecast And Technical Analysis

DAX 30 Forecast And Technical Analysis

We have published our trade setup for DAX 30 for the members.

We keep our bearish bias in DAX 30 Index.

Reasons: 

1. Slowing Germany Economy
2. The potential negative effects of slowing China economy on Germany. ( The reasons were explained in our previous forecast)
3. Global Growth Concerns
4. Political Turmoil in Eurozone

Brexit:

Potential Soft Brexit may have positive effects on DAX 30 and other Indices in the near term. However, we do not see any strong fundamentals supporting a sustainable rise of DAX.

Technically:

The index is still in a retracement / technical correction process. Fibonacci 50% Retracement of the sell-off which started at 13.200 resides at 11.800. SMA 100 of the Daily Chart resides at the same level.

A rising wedge bearish continuation pattern is being printed on the Daily Chart. Breakout of the wedge and daily closing below 11.400 would trigger the bearish movement.

Only firm daily closing above 12.000  may turn the medium term trend from bearish to bullish.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

DAX 30 Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility