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

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.