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DAX30 withstands selling pressure into quarterly close – bullish?

June 29, 2020 11:00

Source: Economic Events June 29, 2020 - Admiral Markets' Forex Calendar


After the weak start into last Thursday with the break below 12,000 points, it looked as if the German index could suffer further losses and drop even further into the quarterly close.

This came after speculations arose that some asset allocators, like pension funds, could take the big gains from the stock market in Q2/2020 and move them into bonds, as Wells Fargo estimates that the rebalance into bonds could be the largest in six years.

But instead, bulls recaptured quickly control and with US equities and here the S&P500 seeing the biggest last hour gain Thursday evening, the DAX not only pushed back above 12,000 points, but also above 12,200 points into its consolidation zone.

While it certainly needs to be seen whether Thursday's move is sustainable, chances of another stint up to 12,600 points, the pre-weekly highs, and a break higher activating the region around 12,900 points, is definitely on the table after the stable performance of the DAX on Friday.

On the other hand: if we get to see a break below 12,000 points, the technical main focus will be on the region around 11,800 points, a break lower makes a deeper correction possible and could see a re-test of the region around 11,450/500.

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Hourly chart (between June 9, 2020, to June 26, 2020). Accessed: June 26, 2020, at 10:00pm GMT

Source: Admiral Markets MT5 with MT5-SE Add-on DAX30 CFD Daily chart (between March 13, 2019, to June 26, 2020). Accessed: June 26, 2020, at 10:00pm GMT - Please note: Past performance is not a reliable indicator of future results, or future performance.

In 2015, the value of the DAX30 CFD 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%, in 2019, it increased by 26.44% meaning that after five years, it was up by 34.2%.

Check out Admiral Markets' most competitive conditions on the DAX30 CFD and start trading on the DAX30 CFD with a low 0.8 point spread offering during the main Xetra trading hours!


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