DAX near support zone

23 October 2020

DAX has been trading in the 12,330-13,350 range since the second half of July; currently the index is near the lower end of this range from where it is rebounding. The index made a small bullish candlestick formation on 22nd October with a low of 12,345 indicating that the range is being protected by the bulls on the downside; RSI has also turned up corroborating the observation. It would be prudent to say that buying could propel DAX higher towards 12,850 & 13,000 while it sustains above 12,330.

Prepared by
Technical Analysis Team

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