Dax: Keep watching that gap! Dax: Keep watching that gap! Dax: Keep watching that gap!

Dax: Keep watching that gap!

4 minutes to read
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Germany's Dax index has bounced off strong support so the gap remains in situ. Saxo technical analyst Kim Cramer-Larsson gives us a quick briefing of the levels to watch and what they mean.

The Dax firmly bounced off strong support at around 11,854, meaning that the gap is still intact. The bounce reached 0.786 retracement – a bit more than anticipated. However, sellers quickly regained from the get go this morning. 

RSI is still bullish since it has not been below the 40 threshold. However, a close of the gap will most likely push RSI below. It is crucial for the Dax not to close the gap – unless you are short, that is.

A close of the gap is likely to fuel a further sell-off towards 11,250.
A close above 12,310 is needed to reverse the downwards pressure.
Source: Saxo Bank

Quarterly Outlook 2024 Q3

Sandcastle economics

01 / 05

  • Macro: Sandcastle economics

    Invest wisely in Q3 2024: Discover SaxoStrats' insights on navigating a stable yet fragile global economy.

    Read article
  • Bonds: What to do until inflation stabilises

    Discover strategies for managing bonds as US and European yields remain rangebound due to uncertain inflation and evolving monetary policies.

    Read article
  • Equities: Are we blowing bubbles again

    Explore key trends and opportunities in European equities and electrification theme as market dynamics echo 2021's rally.

    Read article
  • FX: Risk-on currencies to surge against havens

    Explore the outlook for USD, AUD, NZD, and EM carry trades as risk-on currencies are set to outperform in Q3 2024.

    Read article
  • Commodities: Energy and grains in focus as metals pause

    Energy and grains to shine as metals pause. Discover key trends and market drivers for commodities in Q3 2024.

    Read article

Business Hills Park – Building 4,
4th Floor, office 401, Dubai Hills Estate, P.O. Box 33641, Dubai, UAE

Contact Saxo

Select region


Trade responsibly
All trading carries risk. Read more. To help you understand the risks involved we have put together a series of Key Information Documents (KIDs) highlighting the risks and rewards related to each product. Read more

Saxo Bank A/S is licensed by the Danish Financial Supervisory Authority and operates in the UAE under a representative office license issued by the Central bank of the UAE.

The content and material made available on this website and the linked sites are provided by Saxo Bank A/S. It is the sole responsibility of the recipient to ascertain the terms of and comply with any local laws or regulation to which they are subject.

The UAE Representative Office of Saxo Bank A/S markets the Saxo Bank A/S trading platform and the products offered by Saxo Bank A/S.