DAX Gave Up Strong Gains. Buying Opportunities To Watch

Published 07/22/2020, 02:45 AM
Updated 07/09/2023, 06:31 AM
DE40
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DAX 30 September futures we wrote: outlook positive with the break above 13000 targetings 13130/140 and 13300/330. We topped exactly here but quite unexpectedly then collapsed to Monday’s high of 13090 and as far as 13065.

Today’s Analysis

DAX unexpectedly gave up all of the day’s strong gains but I do not see this as a sell signal despite severely overbought conditions. However, if we continue lower look for a buying opportunity at 12990/970, with stops below 12920.

We have minor resistance at 13110/150. Above here puts bulls back in control targeting the 13300/05 high. If we continue higher look for 13330, 13350/360 and 13400/420.

Trends

  • Weekly Outlook Positive
  • Daily Outlook Neutral
  • Short Term Outlook Neutral

DAX Chart

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