Quick Technical Analysis for German30 Index (DAX)
On Monday, the German stock market index DAX has posted modest gains adding around 0.16% to trade reach 12,019. On the fundamentals side, there’s no top tier German or Eurozone events which could drive movement in the market which is one of the reasons DAX seem stuck below 12,031.
However, the index is likely to price in the Germany ZEW Economic Sentiment which is expected to rise by 0.9 points on Tuesday. The well-respected indicator index is released by the Zentrum für Europäische Wirtschaftsforschung, and it’s due at 9:00 GMT. For your info, this Zew Economic Sentiment it’s a survey of about 300 German institutional investors and analysts which asks respondents to rate the relative 6-month economic outlook for Germany.
Coming down to the technical side, the German30 is testing a healthy resistance level of 12,036.
On the 3-hour time frame, DAX has formed a bullish channel which is supporting the Index around 11,950 along with resistance around a double top area of 12,026.
Fellas, we got to keep a closer eye on this level as the violation of this level could lead DAX towards 12,190.
Support Resistance
11924.2 12068.1
11834.6 12122.4
11690.7 12266.3
Key Trading Level: 11978.5
Consider buying on the bullish breakout of 12,030, and I think it’s worthy of waiting. On the other hand, selling should be preferred below 11,975 to target 11,800.
Good luck!
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