The DAX30 CFD is still range-bound between 13,100 and 13,300
With the thin Economic calendar being as we start the trading week, and the upcoming Thanksgiving holiday on Thursday (for modified Trading Hours please check our website), we don’t expect much volatility in Equity markets and thus in the German DAX30 CFD.
Still, we want to have a look at the technical side after the recent interesting price action over the last week: after the failed attempt to break above 13,300 points last Tuesday, but also below 13,100 points, we expect the DAX30 CFD to stay range-bound in the days to come.
With the latest rise in tensions in the trade dispute between the US and China again (e.g. that the mood in Beijing about a trade deal is rather pessimistic and the strategy from the Chinese now switching to “talk only” and wait due to the recent impeachment developments and uncertainty around the upcoming US election), our neutral picture with an expected choppy price action although has a slight bearish touch.
But even if we get to see a test of the psychological relevant region around 13,000 points, we consider the recent and very dovish stances from the ECB and FED and technically solid support region around 12,980/13,000 points as difficult and sustainably to break in the days to come.
On the upside a break above Friday’s highs around 13,250 points makes a test of the region around 13,300 points and above of the pre-weekly highs around 13,370 an option.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Still, we want to have a look at the technical side after the recent interesting price action over the last week: after the failed attempt to break above 13,300 points last Tuesday, but also below 13,100 points, we expect the DAX30 CFD to stay range-bound in the days to come.
With the latest rise in tensions in the trade dispute between the US and China again (e.g. that the mood in Beijing about a trade deal is rather pessimistic and the strategy from the Chinese now switching to “talk only” and wait due to the recent impeachment developments and uncertainty around the upcoming US election), our neutral picture with an expected choppy price action although has a slight bearish touch.
But even if we get to see a test of the psychological relevant region around 13,000 points, we consider the recent and very dovish stances from the ECB and FED and technically solid support region around 12,980/13,000 points as difficult and sustainably to break in the days to come.
On the upside a break above Friday’s highs around 13,250 points makes a test of the region around 13,300 points and above of the pre-weekly highs around 13,370 an option.
Ready to start trading the live markets? Then open a free account with Admiral Markets - 8,000+ instruments to choose from, some of the market's tightest typical spreads, and the world's #1 multi-asset trading platform. - - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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