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DAX30 Potential Bullish Breakout Above Weekly Resistance
DAX30 Potential Bullish Breakout Above Weekly Resistance

The DAX index has rocketed higher during trading yesterday as the stock indices around the world have picked up in pace and they continue to move higher. The US stock indices and the Asian stock indices had been pretty steady and this helped the DAX to open in a strong and steady manner and it continued to move higher during the course of the day fuelled by some strong investor sentiment and it closed the day above the 12700 region.

DAX Breaks Higher

It is likely that the DAX would continue to trade in a strong manner and the impact of the trade war between the US and China, mainly, and the other countries seem to be fading away in a slow and steady manner and this has been helping the DAX to recover as well. This does open the path towards the 13000 region for now but it is going to take quite a bit of effort from the bulls to get there. The risk is on in the global markets at this point of time and this should help the traders buy with more confidence.

DAX Hourly

The question of QE and its continuation is still not yet back on the table and this has helped the index to proceed with minimal impact. It is also the reason why the impact from the threat of the trade war seems to be more on the DAX and as the focus shifts there and the QE gets forgotten, the market and the investors are able to heave a sigh of relief when the impact from the trade war is lessened.

Looking ahead to the rest of the day, expect a strong and steady opening to the index for today as well and we should see the bulls try the take the index forward in the coming period. We could see some consolidation happening with a bullish tinge considering the risk on mood in the global markets.

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