July 6, 2022
  • July 6, 2022

DAX 30 and CAC 40 technical forecasts: maintenance of support, trend

By on April 30, 2021 0

DAX / CAC technical highlights:

  • DAX stabilizes after slight weakness, trend still intact
  • CAC acting better than DAX, look at lower channel line for help

The DAX recently took a hiatus from acting as one of the strongest global indices, and even if it does, it still looks healthy. As it stands, the DAX is finding support around the 15071/85 area.

On the upper side, there is an ongoing trendline since January which has helped maintain a bottom so far, and on it a pattern of consolidation is forming. If we see on a daily close basis a drop to 15071, the late October trendline is higher in the 14900. That would be an important line to hold for the DAX to remain bullish.

Looking higher, the DAX needs to cross 15355 to get higher rollover, then break through the 15501 level to break into new all-time territory.

DAX daily chart (holding slope as support)

DAX Chart by TradingView

the CAC 40 continues to be the stronger of the two largest European indices, hitting a new cycle high yesterday. There is a channel that continues to form and is used as a guide for the higher levels. The lower parallel is seen as important in the short term in getting things done. Looking higher, the next major level of interest is the 2000 high at 6944. It will take a bit of a drive from here to get there, but if risk trends remain firm it may not be too much. far.

CAC daily chart (channel stays in center)

CAC daily chart

CAC 40 chart by TradingView

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— Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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