DAX with the next breakout attempt

After the jump above the intersection-resistance at 10,000/10,065 the German stock market has continued the upward movement.

Source: Bloomberg

Due to this the DAXhas reached the upper trend line of the downward trend channel (since April 2015) at 10,380.

Temporarily the DAX traded above this trend line. But currently the German blue chips are below the upper trend line. For a successful breakout a closing price on weekly basis would be necessary. In this case the former upward trend at 10,755 would be the technical target price.

In the scenario of a non-successful breakout the new support zone at 10,000/10,065 could be tested. This could be realistic. The weighted 200 days moving average points still to the south.

German stock market DAX on weekly basis

Source: IG charts

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