DAX strength is expected to extend to 11032, potentially 11680, but with this then ideally capping, as analysts at Credit Suisse note.
Key quotes
“The German DAX extends its recovery and above 10279/390 suggests further gains can be seen yet to test a cluster of resistances at 11032/680 – the large price gap from early March, broken uptrend resistance, summer 2019 low and 61.8% retracement of the Q1 collapse.”
“Above 11680 would suggest the recovery can extend further yet to test the 200-day average at 12332.”
“Below 9337 is needed to mark a near-term top to confirm the recovery is over, reexposing the 8256 low of March.”
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