DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually daily there is a very large variability that gives many trading opportunities.
After the Monday session, which showed the lack of decisiveness, as to the further direction, yesterday on the German DAX index we witnessed the return of bulls. The buyers managed to push the quotes above the resistance at 12630, the session closed at 12661.54, which gives an increase of 0.80%.
Importantly, the resistance at 12,630 is close to the 50% abolition of the bearish movement from the June 14 high, which has brought quotes down to around 12,100. Now, therefore, the resistance has changed into support that can stop sellers this week.
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In the 30-minute chart, we see a strong growth impulse that began to form yesterday afternoon. If the increases from yesterday’s session are to be continued, the correction should not exceed the support zone visible below.
The aforementioned zone is located within 12630, and this level also represents a 50% of yesterday’s impulse. In addition, the trend line from the current month’s minimum may be important as support.