Signs point to a bullish breakout coming in the DAX30 CFD
Source: Economic Events September 23, 2019 - Admiral Markets' Forex Calendar
As the economic calendar, particularly in Europe, is quite thin this week, our focus will be on the technical side in the DAX30 CFD.
On an hourly chart, we consider the mode to be neutral and range-bound between 12,300 and 12,500 points. But, given the sequence of higher highs and lows, there's a clear bullish touch.
Given the recent price action, we consider a significant and sustainable break above 12,500 points to be only a matter of time, levelling the path up to the current yearly highs around 12,650 points in the German index.
We project a technical target to be around 12,700 points, given the 200 point range between 12,300 and 12,500.
Only a break below 12,300 points would darken the bullish outlook, switch the mode to neutral, and activate the region around 12,180 points as a first potential target on the downside.
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between September 3, 2019, to September 20, 2019). Accessed: September 20, 2019, at 10:00pm GMT
In 2014, the value of the DAX30 CFD increased by 2.65%, in 2015, it increased by 9.56%, in 2016, it increased by 6.87%, in 2017 it increased by 12.51%, in 2018, it fell by 18.26%, meaning that after five years, it was up by 10.5%.
Discover the world's #1 multi-asset platform
Admiral Markets offers professional traders the ability to trade with a custom, upgraded version of MetaTrader 5, allowing you to experience trading at a significantly higher, more rewarding level. Experience benefits such as the addition of the Market Heat Map, so you can compare various currency pairs to see which ones might be lucrative investments, access real-time trading data, and so much more. Click the banner below to start your FREE download of MT5 Supreme Edition!
Disclaimer: The given data provides additional information regarding all analysis, estimates, prognosis, forecasts or other similar assessments or information (hereinafter "Analysis") published on the website of Admiral Markets. Before making any investment decisions please pay close attention to the following:
- This is a marketing communication. The analysis is published for informative purposes only and are in no way to be construed as investment advice or recommendation. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.
- Any investment decision is made by each client alone whereas Admiral Markets shall not be responsible for any loss or damage arising from any such decision, whether or not based on the Analysis.
- Each of the Analysis is prepared by an independent analyst (Jens Klatt, Professional Trader and Analyst, hereinafter "Author") based on the Author's personal estimations.
- To ensure that the interests of the clients would be protected and objectivity of the Analysis would not be damaged Admiral Markets has established relevant internal procedures for prevention and management of conflicts of interest.
- Whilst every reasonable effort is taken to ensure that all sources of the Analysis are reliable and that all information is presented, as much as possible, in an understandable, timely, precise and complete manner, Admiral Markets does not guarantee the accuracy or completeness of any information contained within the Analysis. The presented figures refer that refer to any past performance is not a reliable indicator of future results.
- The contents of the Analysis should not be construed as an express or implied promise, guarantee or implication by Admiral Markets that the client shall profit from the strategies therein or that losses in connection therewith may or shall be limited.
- Any kind of previous or modeled performance of financial instruments indicated within the Publication should not be construed as an express or implied promise, guarantee or implication by Admiral Markets for any future performance. The value of the financial instrument may both increase and decrease and the preservation of the asset value is not guaranteed.
- The projections included in the Analysis may be subject to additional fees, taxes or other charges, depending on the subject of the Publication. The price list applicable to the services provided by Admiral Markets is publicly available from the website of Admiral Markets.
