DAX 30 rallied today and reached a new high of 15,857.40. The bias is bullish, so further growth is somehow expected. The Euro-zone data came in mixed earlier today. The German Final Manufacturing PMI was reported at 57.8 far below 58.2 points, while the Euro-zone Final Manufacturing PMI dropped from 58.5 to 58.3 points signaling expansion slowdown. Also, the French Final Manufacturing PMI and the Spanish Manufacturing PMI come in worse than expected.
Only the Italian Manufacturing PMI economic indicator has come in better than expected. Technically, DAX 30 maintains a bullish bias, so we can still search for long opportunities.
DAX 30 Technical Analysis!
Technically, the German stock index has managed to take out 15,777.50 – 15,796.70 resistance area. It has decreased a little to retest the broken zone and now it has passed above the immediate downtrend line and above 15,886.60 former high.
The current aggressive breakout above the weekly R1 (15,872.42) indicates potential further growth. In the short term, it could come back to test and retest the R1 before jumping higher.
Note: ForexSchoolOnline is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.