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

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!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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