The German DAX has been rising like there is no tomorrow, and it is up 20% since November lows. On Thursday, it was trading 0.7% stronger, last seen at around 14,000 EUR, new all-time highs for this index.

The first support zone seems to be near 13,900 EUR, where previous highs are located. This area has already been tested today, and bulls bought the dip. As long as the index trades above this support, the short-term outlook seems bullish.

However, if we see a decline below that support, stop-losses of long positions will be hit, which might drag the index further lower toward 13,820 EUR.

Alternatively, the resistance for today’s trading is at around 14,000 EUR, and if broken to the upside, the bull market will be confirmed, targeting 15,000 EUR in the medium term.

Source: https://www.axiory.com/technical-analysis/dax-at-record-highs-despite-never-ending-lockdown

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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