Yahoo Finance DAX Price Forecast December 15, 2017, Technical Analysis
The German index continues to be very volatile, and as you can see on the hourly chart, we fell significantly at the open, dropping down to the €13,000 level. We then bounced enough to reach as high as €13,170, before falling significantly again. I think the €13,000 level is the most important level on this chart, and if we can stay above that level, I think it’s only a matter of time before the buyers get involved. They will try to drive this market to the €13,250 level, but I would expect to see a significant amount of resistance in that area. Alternately, if we break down below the €13,000 level, the market probably goes down to the €12,900 level next.
There is the EUR/USD influence on the pair, as the currency rises, typically this will weigh upon the DAX. In general though, there are lot of inflation and interest rate outlook adjusting in the marketplace, so that should continue to make the DAX bounce around. I do believe in the DAX longer-term though, and I think that buyers will return sooner rather than later. I look at these dips as an opportunity to pick up a bit of value in the DAX, because of course German companies are starting to show strong profits yet again. I think that volatility is something that you will see over the next couple of weeks, as we head into the holiday season. Nonetheless, I fully anticipate that we will reach the €15,000 level sometime next year, which of course means that I am bullish.
DAX Video 15.12.17
This article was originally posted on FX Empire
