DAX 30 & CAC 40 Charts - Maintaining the Course
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DAX 30/CAC 40 Technical Highlights
- DAX 30 holding range breakout, just shy of all-time-high
- CAC 40 consolidating ahead of possible run to 2007 peak
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DAX 30 holding range breakout, just shy of all-time-high
The DAX is currently hanging out on top of the range it was stuck in to end last year, and just below the all-time-high. This puts it between a rock and a hard place for short-term traders seeking some open space to operate in.
As long as the top of the November/December range continues to hold, then the upward trend and breakout above the congestion zone needs to be respected. There isn’t much room before the ATH notched at 13596 in January 2018 comes into play.
A breakout above the high seems likely soon, with risk sentiment strong – highlighted no more than in the US where stocks are defying gravity. Keep on eye on the trend of buying there as it reaches towards a feverish pitch. The NDX is up over 10% in the past six weeks, a pace that looks unsustainable in the intermediate-term, but may continue in the near-term.
Generally solid techs and risk sentiment are a boon for now. The DAX’s bullish outlook won’t really come into question until it breaks the trend-line off August low.
DAX 30 Daily Chart (between consolidation/ATH)
CAC 40 consolidating ahead of possible run to 2007 peak
The CAC 40 is putting in a solid consolidation period that could very well have the index finally trading that 2007 peak in the days ahead. The firm break above 6071 should have the 6168 level finally met. It’s not the all-time-high levels other markets are achieving, but nevertheless a big threshold for the CAC. The market remains bullish even if it slips lower a bit from here. As long as the lower parallel of the channel since August is held, price will continue to be cleanly pointed higher.
CAC 40 Daily Chart (congestion points to higher levels)
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.