DAX Technical Analysis 11.11.2024

GER 40 (DAX) Current Market Status

The DAX is currently trading at 19,433.67, showing a positive movement of 1.14% or 218.19 points from the previous close. This indicates a bullish sentiment in the market today.

Key Price Levels

Support Levels:

1. 19,249.00 (Today's low)

2. 19,000 (Psychological level and recent support)

3. 18,880 (Local high from May)

4. 18,750 (Local high from July)

Resistance Levels:

1. 19,465.79 (Today's high)

2. 19,674.68 (52-week high)

Technical Analysis

The DAX is currently in a bullish trend, with both short-term and long-term moving averages suggesting a strong buy signal.

Moving Averages:

- The 5-day, 10-day, 20-day, and 50-day simple and exponential moving averages all indicate a buy signal, as they are below the current market price.

- The 100-day and 200-day simple moving averages show a sell signal, while their exponential counterparts suggest a buy.

Technical Indicators:

- RSI(14) is at 53.851, indicating a neutral position.

- MACD is showing a buy signal.

- Williams %R is at -2.762, suggesting an overbought condition.

Support and Resistance Analysis

Short-term Support:

The DAX has found strong support around the 19,000 point level, which is reinforced by several technical factors:

- Horizontal support from recent local highs and lows

- Lower Bollinger Band

- Daily EMA 50

- Psychologically important round number

Short-term Resistance:

The immediate resistance is likely at today's high of 19,465.79, followed by the 52-week high of 19,674.68.

Pivot Points:

- Support 1: 19,262.11

- Pivot Point: 19,293.78

- Resistance 1: 19,317.11

Market Outlook

The DAX is showing strength today, trading well above its previous close. The overall trend remains bullish, supported by multiple technical indicators. However, traders should be cautious of potential overbought conditions in the short term.

Key levels to watch:

- A break above 19,465.79 could signal further upside potential.

- If the index falls below 19,382.48, it might test the strong support around 19,000.

-- Written by Philip Papageorgiou - Investment Research

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