DAX sends bigger bull signal! – DAX Forecast

Intermediate
  • A growingly aggressive “risk on” phase and bull run for global stock averages and markets further extended Wednesday and into early June, to new cycle highs.
  • The positive global view continues to be driven by the successful easing of lockdowns, the reopening of the European and US economies, and as of yet no signs of a significant second wave of the coronavirus pandemic.
  • This is notwithstanding internal US tensions and also the stresses between China and the US (and other nations)
  • Here we look at the VERY positive technical bias for the DAX forecast.

DAX Future day trade outlook: Intermediate-term bullish shift above key 12275.5 resistance

A surge higher Wednesday from a bull gap at 12100-082, to overcome the critical 12275.5 swing peak from early March, to shift the intermediate-term outlook from neutral to bullish and to build on the whole rally from mid-May, to keep the risk back higher Thursday.

  • We see an upside bias for 12563/588.5; a break above here aims for 12660 and 12750 and even 12848.5.
  • But below 12368.5 targets 12266.5, maybe even towards the support gap at 12100-082.

DAX Future intermediate-term outlook

The late May rally above 11417.5 signalled an intermediate-term shift from a bear trend to a broad, neutral range and the acceleration above the 12275.5 swing peak from early March, sets an intermediate-term bull trend.

  • Upside risks: We see an intermediate-term bull trend and risk for 13824 and 15000.
  • What changes this? Below 10510.5/509.5 shifts the intermediate-term bull trend to neutral; below 10159 to an intermediate-term bear trend.

4 Hour DAX Future Chart

dax chart

Editor in chief

Steve Miley has 29 years of financial market experience and as a seasoned expert now has many responsibilities. He is the founder, Director and Primary Analyst at The Market Chartist, the Editor-in...continued

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