DAX / BASF Soars on Listing News; DAX Stays Bullish
Updated
Shares of German chemical giant BASF (BAS) surged 5% following a Bloomberg report indicating plans to list its Agri-Chemicals business as part of a broader corporate overhaul. While the listing is projected to occur in several years, the official announcement is expected during the company's capital markets day later this month.
DAX Technical Analysis:
The DAX index remains in a bullish momentum zone, trading above 18,640. Potential upside targets include 18,850, with an extended move toward 18,980. The overall trend is expected to maintain its bullish bias ahead of the Federal Reserve's rate decision.
However, a decisive break below 18,640 could indicate a downturn, with the price potentially dropping towards the 18,520 support level.
Key Levels:
Pivot Point: 18720
Resistance Levels: 18842, 18970, 19150
Support Levels: 18640, 18520, 18300
Expected Trading Range: 18640 - 18970
Trend Outlook: Bullish as long as the price remains above 18,640.
Previous idea:
Trade closed: target reached
DAX Technical Analysis Update
The price has perfectly reached our target of 19,980 and is now trading above this level. Sustaining stability above 19,980 will likely support the price in reaching a new all-time high (ATH) at 19,100 and 19,220.
Alternatively, a 4-hour candle close below 18,970 would indicate the start of a bearish correction towards 18,780.
Key Levels to Watch:
Pivot Point: 18980
Resistance Levels: 19100, 19225, 19380
Support Levels: 18890, 18870, 18640
Trend Outlook: Bullish as long as the price remains above 18975.
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