North Korea is no longer the topic that makes markets nervous. It was back in a day though, maybe twice, not more. Another missile test did not cause any negative reaction now. Well, first of all it ended in the sea not on the land and secondly, Trump said that they will take care of it and apparently that sorts this one out. What triggers the markets now is the tax reform. It was said that we were discounting this one straight since the elections. That seems not exactly the truth as the tax reform still increases the volatility and every positive information pushes indices (American) on the all time highs so not exactly the 'buy rumours, sell the facts” kind of thing.
Anyhow, all major American indices are on all time highs. DAX is also positive but not exactly on the ATH. What we are having here is a recent symmetric triangle pattern (black lines), which resulted with a trend reversal (mid-term down trend since the beginning of the November). Along with the breakout of the upper line of the triangle, the price broke the mid-term down trendline (blue). That triggers the buy signal on the German index. The first potential target is being reached as we speak – 13200 points – important since the end of October. Small take profit action is possible but generally, in the mid-term, we should see an upswing.
Positive sentiment is alive as long as the price stays above the green area around the 12900 points. Bullish breakout of the grey area should open us a way to the all time highs and that is the base scenario for the DAX right now.
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DAX tries to keep up with the American indices and pushes higher.
Published 11/29/2017, 03:25 AM
DAX tries to keep up with the American indices and pushes higher.
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