DAX This wave still has room to rise
DAX has gone a long way since our buy recommendation 2 weeks ago (see chart below). The technicals on the 1D time frame are firmly bullish (RSI = 60.575, MACD = 68.200, ADX = 31.986) and the RSI in particular is out of its Buy Zone and approaching the top of the Channel Down.
The index is trading inside a Channel Up for exactly 5 months and every bullish wave has so far been within 11.50% - 11.85%. If it rises by +11.50% again from the recent bottom, then we are looking at a target price around 16,130. Our TP is 16,000.
It is important to keep in mind the long term dynamics on DAX and what stands out in particular is how perfectly the 1D MA100 supported March's correction. In fact, DAX hasn't closed a 1D candle under the 1D MA100 since October 24th 2022.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
The index is trading inside a Channel Up for exactly 5 months and every bullish wave has so far been within 11.50% - 11.85%. If it rises by +11.50% again from the recent bottom, then we are looking at a target price around 16,130. Our TP is 16,000.
It is important to keep in mind the long term dynamics on DAX and what stands out in particular is how perfectly the 1D MA100 supported March's correction. In fact, DAX hasn't closed a 1D candle under the 1D MA100 since October 24th 2022.
Prior idea:
## If you like our free content follow our profile to get more daily ideas. ##
## Comments and likes are greatly appreciated. ##
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.