DAX30 CFD about to see a short-term relief rally back above 12,0
As we begin the trading week with a thin economic calendar, we want to mainly focus on the technical side in the DAX30 CFD.
After the latest US economic indications with the ISM Manufacturing and ISM Non-Manufacturing data disappointing the market participants, and last Friday's Non-Farm Payroll coming in mixed, bearish fuel drove price action in equities and in the DAX30 over the last few days. As such, the mode just looks quite stretched on the downside and chances are increased to see a short-term bounce.
We already saw such a bounce into the weekly close and the 12,000 point mark being re-captured, but the question is whether this move can be considered sustainable. If so, a deeper correction up to 12,150 points becomes a serious option.
If, on the other hand, bears take over control again into the start of the week, a re-test of the pre-weekly lows around 11,800/830 points seems likely. A sustainable break below would level the path down to 11,500 points in the days to come.
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.
After the latest US economic indications with the ISM Manufacturing and ISM Non-Manufacturing data disappointing the market participants, and last Friday's Non-Farm Payroll coming in mixed, bearish fuel drove price action in equities and in the DAX30 over the last few days. As such, the mode just looks quite stretched on the downside and chances are increased to see a short-term bounce.
We already saw such a bounce into the weekly close and the 12,000 point mark being re-captured, but the question is whether this move can be considered sustainable. If so, a deeper correction up to 12,150 points becomes a serious option.
If, on the other hand, bears take over control again into the start of the week, a re-test of the pre-weekly lows around 11,800/830 points seems likely. A sustainable break below would level the path down to 11,500 points in the days to come.
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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