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What's the short-term outlook for the DAX?

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Saxo Bank technical analyst Kim Cramer-Larsson runs a short technical analysis of Germany's leading equity index and its likely direction in the week ahead.

The most important recent developments in the DAX index are as follows:

• GER30 reached 1.382 projection of latest correction.  
• Stochastic overbought – indicates we could see a small correction in the next couple of days 
• There is not divergence on RSI – ie we could see higher levels as there is no strong resistance before 12.450
• Bollinger Bands® expansion underlines the uptrend
dax
GER30 daily chart. Source: Saxo Bank
Additional things to consider:

• Massive RSI divergence on 60 min chart. 
• Ripe for a correction which will be confirmed below 11.900. 
• A correction could go as low as 11.650-11.700.
• Not unlikely bulls will try to push DAX back above 12K. A close above peak at 12.031 could spur a short rally. 
dax
GER30, 60-minute chart. Source: Saxo Bank

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