The DAX30 CFD is still range-bound and choppy between 13,100 and 13,300

By Admiral Markets

Source: Economic Events November 25, 2019 – Admiral Markets’ Forex Calendar

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:

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between November 5, 2019, to November 22, 2019). Accessed: November 22, 2019, at 10:00pm GMT – Please note: Past performance is not a reliable indicator of future results, or future performance.

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between August 16, 2018, to November 22, 2019). Accessed: November 22, 2019, at 10:00pm GMT

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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