German30 (DAX) Climbs to 17,670: Bullish Trend Amid Market Optimism; Bearish Correction Ahead?
The DAX index, Germany’s leading stock market indicator, continued its upward trend on Thursday and is still flashing green at 17,693 points. The positive performance of the DAX can be attributed to several factors, including a series of encouraging economic reports, both domestically and globally.
German30 (DAX) Price Forecast: Technical Outlook
On February 29, the German30 (DAX) showcased a modest uptick, closing at 17,668.98, marking a 0.41% increase from the previous session. This upward movement positions the index above key support levels, indicating bullish sentiment among investors.
The immediate obstacle is 17,760, then 17,850, and finally 17,920.26 as the DAX navigates through crucial resistance points. Conversely, support is firm at 17,621.45, with additional levels at 17,554.32 and 17,487.19.
The RSI, significantly high at 84, reinforces the bullish outlook, suggesting the index is in the buying zone. Moreover, trading above the 50-day EMA of 17,224.3 further bolsters this trend.
Nonetheless, a dip below the 17,720 mark could pivot the sentiment to bearish, underscoring the nuanced dynamics at play in the market’s current state.
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