DAX // GER30 Peaking out of Ascending Triangle Pattern – Further Buying Coming? - Forex News by FX Leaders

DAX // GER30 Peaking out of Ascending Triangle Pattern – Further Buying Coming?

Posted Thursday, November 1, 2018 by
Arslan Butt • 1 min read

The German stock market index, DAX opened higher for another day as gains in the Technology, Industrial and Construction sectors led shares higher. However, the market still remains shaky over Italy debt crisis, US-China trade war, and Brexit issue.

What’s The Trade Plan Today?
As you can see on the chart below, the DAX is violating an ascending triangle pattern which was providing it a solid resistance near 11,410. Technically, the bullish breakout should lead DAX towards 11,600 and that’s exactly what we are trying to catch here.

Support Resistance
11370.77 11493.17
11313.33 11558.13
11190.93 11680.53
Key Trading Level: 11435.73

We have just shared a trading signal to open a buy position above 11,480 with a stop below 11,420 to target 11,590.

Good luck and stay tuned for more updates!

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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