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The DAX is currently trading in a new sideways pattern. Above the last all-time high at 10.036 points from 10 June, and other highs at 10.015-10.025 points, the German stock market would generate a new buy signal.
In the event we do not see further resistances on a daily, weekly and monthly basis. The next target price would be around 10.650 points.
The 200-day moving average (weighted) is increasing, and the DAX is trading significantly above this trend-following indicator. The indicator mixture of MACD (Moving Average Convergence/Divergence), Momentum, RSI (Relative Strength Indicator) and Williams %R on monthly basis show intact buy signals. Therefore, the upward trend should continue.
If there is further consolidation the German stock market has found some reliable support. These are the Fibonacci retracements at 9.917 and 9.843, and the trendline at 9.792-9.795.