DAX Going Up

Dax was trading in a choppy environment until recently when the price broke the consolidation pattern and began a move to the upside. We can now see a break out to the upside which could open new highs.

Price is currently sitting below the 13500 resistance. If price breaks and closes above this area we would see price create new highs. For further resistance areas we could use Fibonacci extension levels, as price recently showed a new higher low at the 38.2% Fibonacci retracement which aligned with our 13200 support. The key now is to watch if price breaks the 13500 resistance or gets rejected.

If there is a rejection we could stay some more in the consolidation area, otherwise once price breaks through 13500, possibilities are 13900 and 14000.

Chart: DAX D1