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German DAX technical levels hold

DAX futures fall- OPEC cuts oil production threatening the upward move.

Source: Bloomberg

Dax futures have suffered a mild setback as the broader equity rally came to a halt. After falling to its lowest level since 2020, the performance-based German Index has continued to test key psychological levels which continue to provide both support and resistance for the near-term move.

Following an approximate 27.3% decline from the January high, a steady decline drove prices lower before falling to a near two-year low currently holding as support at 11,829.

However, with weaker ISM data and a dovish RBA (Reserve Bank of Australia) fueling a rebound in stocks, Dax 40 was able to rise back above prior support turned resistance holding at the key psychological level of 12,000.

Dax futures have suffered a mild setback as the broader equity rally came to a halt. After falling to its lowest level since 2020, the performance-based German Index has continued to test key psychological levels which continue to provide both support and resistance for the near-term move.

Following an approximate 27.3% decline from the January high, a steady decline drove prices lower before falling to a near two-year low currently holding as support at 11,829.

However, with weaker ISM data and a dovish RBA (Reserve Bank of Australia) fueling a rebound in stocks, Dax 40 was able to rise back above prior support turned resistance holding at the key psychological level of 12,000.

DAX 40 tecnical analysis

As shown on the weekly chart below, price action currently remains in a downward trajectory that has continued to hold since the beginning of the year. With a consistent decline driving prices back towards two-year lows, key technical levels from historical moves have recently come back into play.

After falling to September 2019 levels at the start of the week, failure to hold below 11,800 allowed bulls to drive prices higher before running into a wall of resistance at 12,700.

DAX 40 weekly chart

Source: TradingView

However, a rejection of this level forced prices lower before finding stability at 12,600. With Fibonacci levels from both the 2022 and the 2020 move holding both bulls and bears at bay, a few levels remain key.

With Dax currently trading above 12,500, a break below this level and below 12,000 could provide a retest of the recent low of 11,829 and towards the 61.8% retracement of the 2020 move at 11,584.

DAX (Germany 40) daily chart

Source: TradingView

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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