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DAX 30, CAC 40 Technical Outlook: Looking Bullish

DAX 30, CAC 40 Technical Outlook: Looking Bullish

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DAX 30 / CAC 40 Technical Highlights

  • DAX 30 holding trend, eyes for record highs
  • CAC 40 triangulating, poised to reach 200-day

DAX 30 holding trend, eyes for record highs

The DAX has been holding its own, trading on the lower side of a relatively smooth upward channel in place since the coronavirus panic low in March. A breakout above 12913 could soon have the gap-down in focus from February that kicked off the massive Q1 sell-off.

The gap runs from 13231 up to 13579, and is quickly followed by the record highs at 13795. It is not a stretch to think the market could be trading to new highs soon given the upward trend and general appetite for risk.

A breakdown out of the channel would be the first warning shot, but a break below the 200-day, and more importantly a break with force, would be a real cause for worry. In the event the DAX rolls over keep an eye on risk appetite in the U.S. as global leaders in the Nasdaq 100 could signal a broader risk-off event.

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DAX Daily Chart (looking higher)

DAX daily chart

DAX Charts by TradingView

CAC 40 triangulating, poised to reach 200-day

The French benchmark remains the laggard, but will go the way of the DAX at the end of the day even it does so at a different pace. The wedging formation currently being built is seen as sending the CAC up towards the 200-day at 5289 in the near-term.

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CAC 40 Daily Chart (triangulating)

CAC 40 daily chart

CAC Chart by TradingView

Want to learn more about trading the DAX? Check out ‘How to Trade the DAX’, and join me weekly for technical updates in the Indices and Commodities webinar.

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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.