DAX on the rise again

After the successful test of the simple 200 days moving average (SMA) and the Recovery of the Fibonacci retracement (50.0 per cent) at 11,890 and the psychological level at 11,000 the DAX could continue the upward movement.

bg_dax_1369829
Source: Bloomberg

The next step was the significant jump above the Retracement (38.2 per cent) at 11,250 and the upper trend channel line at 11,255.

Furthermore the trend line at 11,454/11,467 was broken up. Currently the German stock market is trading slightly above the Retracement (23.6 per cent) at 11,690. The DAX could continue his way to the next psychological price level at 12,000.

The mentioned trend line at 11,454/11,467 and the Fibonacci retracement at 11,250 are now important supports again.

German stock market DAX on daily basis

DEM_DAXUpdate17072015
Source: IG Charts

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