DAX: Correction is finished

The German stock market has started a correction last week. 

Source: Bloomberg

Due to this consolidation the support at 9792/9795 points was reached and successfully tested. Currently the DAX is trading significantly above this mentioned level.

The correction is now finished. However the DAX is trading in a sideways movement. Above the upper resistance at 10,015/10,048 points the German blue-chips stocks would generate a new buy signal. Price target is the level at 10,650.

Below the support at 9792/9795 the German stock market has got two supports. These are the trend line at 9631/9647 and the increasing 200-day moving average (weighted) at 9623.  

German stock market DAX on daily basis / IG Charts

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.