DAX30 CFD still range-bound between 13,100 and 13,300 points, with a clear bullish touch

November 18, 2019 11:30

Source: Economic Events November 18, 2019 - Admiral Markets' Forex Calendar


The DAX30 CFD was range-bound again last week, and since we have a thin economic calendar this Monday, we have to see whether we get to see a serious attack of the DAX30 CFD to break out of its range.

The relevant levels can still be found around 13,100 points on the downside, and 13,300 points on the upside and, and this is where our focus will be.

While the short-term mode can be considered neutral, the longer time-frame picture can be seen bullish with a break out of the range above 13,300 points having an overall higher likelihood in our opinion.

Besides the technical side, the thin economic calendar in addition to market participants keep adding to their overall extended volatility short-position add up tour bullish bias.

Above 13,300 points, the first target can be found around 13,500 points, while in the event of a (surprise) breakout of the trading range on the downside, and a drop below 13,100 points, the next target can be found around 12,970 / 13,000 points:

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between October 24, 2019, to November 15, 2019). Accessed: November 15, 2019, at 10:00pm GMT


Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between May 15, 2018, to November 15, 2019). Accessed: November 15, 2019 at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

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%.


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