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DAX & CAC Technical Outlook is Bullish, Near-term Chart in Focus

DAX & CAC Technical Outlook is Bullish, Near-term Chart in Focus

Paul Robinson, Strategist

The DAX is putting in a short-term consolidation pattern after breaking a downward line of resistance. This should have it rallying back towards the record high. People have asked if a head-and-shoulders top could be forming. The answer is, sure. But for now there is still much work to be done to confirm that scenario, so continuing to run with what is in front of us, which is a bullish-looking market.

The CAC is also in good shape after breaking out of a bull-flag. This could finally put it on pace to trade above the record high created in 2000 at 6944.

For the full set of details, please see the video above…

DAX Daily Chart

DAX daily chart

DAX Chart by TradingView

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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.

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