After a series of tests since the middle of April, the DAX 30 index (futures) managed to breach the horizontal resistance level 10,716.20 (Current Support) as we can see on the daily chart of the index, as the index opened its today’s trades above this level to trade currently at 11,011.80 level.
Since late March, the DAX 30 index is swinging between the support and resistance line of the bullish channel. The index also trades between the horizontal support level 10,716.20 and the horizontal resistance level at 11,364.40.
In case DAX 30 index goes through the horizontal resistance level 11,364.20, we are expecting that to be a positive factor from the technical angle. As for in case DAX 30 index failed, we are expecting the index to reverse one more time to test horizontal support level with the support line of the bearish channel.
- DAX 30 index trades in a bullish channel range.
- The current horizontal resistance level is 11,364.40.
- The current horizontal support level is 10,716.20.
- DAX 30 index succeeds in breaching the horizontal resistance level at 11,364.40. We are considered that a positive indicator for the index, therefore the continuation of the pair’s rise is expected.
- If the index fails to breach the horizontal resistance level, we are expecting the index to reverse towards the horizontal support level 10,716.20 to test it.
- If the index succeeds in breaking the horizontal support level 10,716.20 with the bullish channel support line, this will be considered a negative indicator. Therefore, the continuation of the index’s decline to the downside is expected.