Deal! Bullish fireworks in the DAX30 CFD, new yearly highs soon?
Friday's developments in the US-Chinese trade talks resulted in the presentation of a partial trade deal between the US and China. This caused some heavy price action fireworks by happy DAX30 CFD bulls into the weekly close.
The German index recaptured 12,150 points and found, in addition to the lessening of US-Chinese tensions, another bullish driver with a Brexit deal finally on the horizon between the EU and UK, too.
As a result, the DAX30 CFD gained more than 2%, and went for a test of the region around 12,500 points.
The start of this week has a key level to watch: a break higher activates the region around the current yearly highs around 12,650 points.
Still, we remain a little cautious and try to not become overly optimistic in regards to a direct walk through on the upside since the mode looks very extended and a consolidation, even though at an elevated level slightly below 12,500 points, seems likely.
After the extended mode is reduced then over time, a test of 12,650 points in the days to come has a high probability.
A sharper pullback (even though unlikely) would find a first target and solid support around the Friday-breakout level around 12,150 points.
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Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The German index recaptured 12,150 points and found, in addition to the lessening of US-Chinese tensions, another bullish driver with a Brexit deal finally on the horizon between the EU and UK, too.
As a result, the DAX30 CFD gained more than 2%, and went for a test of the region around 12,500 points.
The start of this week has a key level to watch: a break higher activates the region around the current yearly highs around 12,650 points.
Still, we remain a little cautious and try to not become overly optimistic in regards to a direct walk through on the upside since the mode looks very extended and a consolidation, even though at an elevated level slightly below 12,500 points, seems likely.
After the extended mode is reduced then over time, a test of 12,650 points in the days to come has a high probability.
A sharper pullback (even though unlikely) would find a first target and solid support around the Friday-breakout level around 12,150 points.
Ready to take your trading to the next level? Find out how in Admiral Markets’ new webinar series Trading Spotlight, where our trading experts will be discussing risk management, trading psychology, and their top strategies for trading the world’s most popular markets - admiralmarkets.com/education/webinars/trading-spotlight-1
Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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