DAX at record highs despite never-ending lockdown

07/01/2021

The German DAX has been rising like there is no tomorrow, and it is up 20% since November lows. 

On Thursday, it was trading 0.7% stronger, last seen at around 14,000 EUR, new all-time highs for this index.

The first support zone seems to be near 13,900 EUR, where previous highs are located. This area has already been tested today, and bulls bought the dip. As long as the index trades above this support, the short-term outlook seems bullish.

However, if we see a decline below that support, stop-losses of long positions will be hit, which might drag the index further lower toward 13,820 EUR.

Alternatively, the resistance for today's trading is at around 14,000 EUR, and if broken to the upside, the bull market will be confirmed, targeting 15,000 EUR in the medium term.
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