Is DAX ever going to stop?

16/04/2021

The German index has been rallying nonstop since March 5, and it was seen 1% stronger on Friday, trading at new record highs near 15,500 EUR.

The short-term support seems to be at previous highs near 15,300 EUR, and if not held, a decline toward the medium-term uptrend line at 15,000 EUR could occur. Additionally, there is also a stronger support line near 15,150 EUR. 

It looks like the bullish momentum could persist for the next few days, considering so many strong supports on the four-hour chart.

However, the monthly candle is now way above its Bollinger bands, which has historically been a strong sell signal. 

On the upside, the next target for the rally could be at 15,500 EUR and afterward at around 16,000 EUR. The index is very overbought and very overstretched to the upside, but the momentum is strong indeed. 
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.