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DAX Price Outlook: Dax Eyes a Multi Months High as Rally Continues

DAX Price Outlook: Dax Eyes a Multi Months High as Rally Continues

2019-07-04 15:01:00
Mahmoud Alkudsi, Analyst

DAX Price Forecast

  • DAX Charts and Analysis
  • DAX price action.

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DAX – Trading Higher

At the start of this week Dax opened with a runway gap breaking above the May 3 high at 12,465. Yesterday, the price printed its highest level in nearly 11 months at 12,662.

Alongside, the Relative Strength Index (RSI) yesterday tested the overbought territory, however; the oscillator has dropped below 70 today.

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DAX DAILY PRICE CHART (Aril 30, 2017 – JULY 4, 2019) Zoomed out

DAX price daily chart 04-07-19 Zoomed Out

DAX DAILY PRICE CHART (April 1 – JULY 4, 2019) Zoomed IN

DAX price daily chart 04-07-19 Zoomed in

Looking at the daily chart we notice Dax closed on Tuesday above 12,527 and is currently eyeing 12,740. Further close above this level could push the price towards 12,840, however; the weekly resistance at 12,799 would be worth monitoring.

In turn, a close below 12,527 may send the price towards 12,282, although; the weekly support levels marked on the chart should be considered.

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DAX Four-HOUR PRICE CHART (June 18 – July 4, 2019)

DAX price Four-hour chart 04-07-19

Looking at the four-hour chart, we notice on June 27 Dax started an uptrend creating higher highs with higher lows. The price corrected lower on Tuesday creating a lower high at 12,561, then resumed its rally on the following day however, with less impulse.

Therefore, a break below the July 1 low at 12,471 could see the price even lower towards 12,282, nonetheless; the weekly support zones highlighted on the chart should be watched along the way.

On the other hand, a break above 12,706 may cause a rally towards 12,840, although; the weekly resistance levels underlined on the chart need to be kept in focus.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.