The DAX® experienced a fairly quiet trading day yesterday. There were less than 150 points between the daily high and low. In addition to the small high-low spread, the small candle body stands out. This means that the German standard values have all had the last four closing prices in the area of 24,400 points. Last but not least, yesterday’s trading range took place within the previous day’s counterpart (“inside day”). Despite the current breather, the stock barometer is still in a promising position. As long as the most recent upward price gap at 24,162/24,247 points remains. The bottom line is that there are still good chances of targeting the previous all-time high from the beginning of July at 24,639 points. The cyclicality may provide a tailwind – keyword: “Q4 in general and Q4 in good stock years in particular” (see “HSBC Daily Trading” from September 30th and October 6th). A new record level would break up the overarching sliding zone between 23,400 and 24,600 points and provide a new strategic buy signal with a follow-up potential of 1,200 points.
DAX® (Daily)
Source: LSEG, tradesignal² / 5-year chart attached
5-year chart DAX®
Source: LSEG, tradesignal²
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