DAX 40 : HAS THE CORRECTION ENDED?
- The market has been trading below a bearish trendline in the first part of April, correcting the rally started at the beginning of 2024. The short-term trend was then bearish.
- More recently, and since the impact over 17,480pts (50% Fibonacci), the German index has invalidated its short-term bearish trend.
The market has registered a sharp rebound leading prices to the 38.2% Fibonacci projection just below 18,300pts.
Since then, the market has been trading sideways between 18,300pts and 17,900pts, the first available support.
Both moving averages are flat, while the Stochastic indicator has just given a bullish signal.
- The is seen as a rebound situation. The sharp bullish price action spotted above the 50% Fibonacci level may indicate the short-term bearish correction is over and that the market is ready for new highs.
A clearing of the 18,300.0pts level would unlock new targets towards 18,555pts, 18,823pts and 19,200pts by extension.
On the other hand, a break-out below 17,900pts would invalidate this scenario.
Pierre Veyret, Technical Analyst at ActivTrades.
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
- More recently, and since the impact over 17,480pts (50% Fibonacci), the German index has invalidated its short-term bearish trend.
The market has registered a sharp rebound leading prices to the 38.2% Fibonacci projection just below 18,300pts.
Since then, the market has been trading sideways between 18,300pts and 17,900pts, the first available support.
Both moving averages are flat, while the Stochastic indicator has just given a bullish signal.
- The is seen as a rebound situation. The sharp bullish price action spotted above the 50% Fibonacci level may indicate the short-term bearish correction is over and that the market is ready for new highs.
A clearing of the 18,300.0pts level would unlock new targets towards 18,555pts, 18,823pts and 19,200pts by extension.
On the other hand, a break-out below 17,900pts would invalidate this scenario.
Pierre Veyret, Technical Analyst at ActivTrades.
The information provided does not constitute investment research. The material has no been prepared in accordance with the legal requirements designed to promote the independence of investment research and such is to be considered to be a marketing communication.
All information has been prepared by ActivTrades ("AT"). The information does not contain a record of AT's prices, or an offer of or solicitation for a transaction in any financial instrument. No representation or warranty is given as to the accuracy or completeness of this information.
Any material provided does not have regard to the specific investment objective and financial situation of any person who may receive it. Past performance is not reliable indicator of future performance. AT provides an execution-only service. Consequently, any person acing on the information provided does so at their own risk.
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