Source: Economic Events September 30, 2019 – Admiral Markets’ Forex Calendar
As we start the week, we want to take a look at the premiere German equity index, DAX30 CFD. But despite a packed economic calendar, no relevant data is published for equities.
That’s why we want to focus primarily on the technical side in the DAX30 CFD today. After the last week of trading resulted in a sustainable drop below 12,300 points, the long sequence on H1 can be considered broken.
Nevertheless, the DAX30 CFD saw a drift back, and a weekly close clearly above 12,300 points. With the upcoming German bank holiday on Thursday, October 3 (for an update of the trading hours in Cash and Futures Index CFDs, check our News section on the website HERE), it seems likely that the German index continues with its drift higher and we get to see a test of the current September highs around 12,500 points.
This is especially true as long as no new tensions in the trade dispute between the US and China arise.
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Another short pullback against 12,300 should be carefully watched since this region could act as an attractive Long trigger.
Only a drop below the pre-weekly lows around 12,140/150 points would significantly darken the picture and switch our focus on the psychological relevant region around 12,000 points:
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between September 9, 2019, to September 27, 2019). Accessed: September 27, 2019, at 10:00pm GMT
Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between June 21, 2018, to September 27, 2019). Accessed: September 27, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.
In 2014, the value of the DAX30 CFD increased by 2.65%, in 2015, it increased by 9.56%, in 2016, it increased by 6.87%, in 2017, it increased by 12.51%, in 2018, it fell by 18.26%, meaning that after five years, it was up by 10.5%.
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