The DAX is back on track

At the beginning of April the German stock market started a downward correction. 

Due to a successful test of the Fibonacci-Retracement at 9220 the consolidation is now finished. The DAX has recaptured some important supports.  

The DAX is now trading above the Fibonacci-Levels at 9315, 9411 and 9530, the upper trend channel line at 9365, the increasing moving average (weighted 200 days) and finally the trend line at 9425.

The German stock market is now again in an upward trend. The next target prices are the highs at 9792/9795. Above this level the DAX would generate new buy signals on all time zones (daily, weekly and monthly). In this case the German Blue Chips might achieve the psychologically significant price level at 10,000. 

IG Charts

The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.