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DAX has risen above the 12133 200-day average, trading at 12615 as of writing. Strategists at Credit Suisse have changed their bear market view and expect the German index to test the 13000 level.

Key quotes

“The DAX recovery has gained further upside momentum and the index has broken its 200-day average, currently at 12133, on a weekly closing basis. We therefore see the market as no longer in a bear market environment, rather in a broad range on a 1-3 month horizon.”

“Next key resistances to monitor can be identified at 13000, before the February 2020 price gap at 13237/501 and then the all-time high at 13795.” 

“We expect the 200-day average at 12133 to now provide support. Below would open the door potentially for a setback toward 11520, the 50% Fibonacci retracement of the May/June upmove.”

 

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