Technical Analysis

DAX 30 & CAC 40 Technical Forecast: Maintaining Support, Trend

DAX / CAC technical highlights:

  • DAX stabilizes after a slight weakness, the trend is still intact
  • CAC if it works better than DAX, monitor the support on the lower channel line

The DAX has recently breathed a sigh of relief as one of the strongest global indices, and although it appears to be generally healthy in this case. DAX currently has support in the 15071/85 area.

On the upper side, there has been a trend line since January, which has helped to maintain the floor so far, and a consolidation pattern is forming. If we were to see a daily closing, a drop to 15071, the trend line at the end of October would be higher in the 14,500s. This would be an important line to keep the DAX still bullishly.

Looking higher, the DAX must exceed 15355 to roll higher and then exceed the 15501 level to enter a new record territory.

DAX Daily Chart (keeping the slope support)

DAX daily schedule

DAX chart by TradingView

The CAC 40 is still stronger than the two largest European indices, reaching the highest level of the new cycle yesterday. A channel continues to be formed that will be used as a guide for higher levels. The bottom line is seen as important in the near future to keep things going. Looking higher, the next major focus is the record high of 6944 in 2000. It takes a bit of driving to get there, but if risk trends remain firm, it may not be too far away.

CAC daily card (channel remains in focus)

CAC daily card

CAC 40 chart by TradingView

Resources for Forex traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for monitoring trader sentiment, quarterly trading forecastsanalytical and educational webinars takes place every day trading instructions which will help you improve your trading results, and especially for those who do new forex.

—Wrote by market analyst Paul Robinson

You can follow Paul on Twitter @PaulRobinsonFX

Tags

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close