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- A closer look at the DAX index shows that the blue-chip index is setting-up a major bullish breakout in the near term.
The German DAX index is wavering today ahead of key corporate earnings from the United States. The index is trading at 13,908 euros, where it has been in the past few days. Other European indices like CAC 40 and FTSE 100 are also little changed.
There is no major economic and corporate news from Germany today. Therefore, investors are focusing on the ongoing US earnings season. This week, top companies like Kimberley-Clark, Johnson & Johnson, Verizon, American Express, General Electric, Apple, Tesla, and AT&T will deliver their earnings. While these are American companies, they will set the tone for the DAX index and other global indices.
The top gainers in the DAX index are Covestro, Daimler, Merck, Delivery Hero, and BMW. On the other hand, the worst-performers today are MTU Aero, Adidas, Vonovia, and Allianz.
DAX index prediction
The DAX 30 index has been in a tight range recently. On the four-hour chart, we see that it has formed a symmetrical triangle pattern that is shown in purple. It is also slightly above the 25-day exponential moving average. Therefore, for today, I suspect that the index will remain in the current range. In the longer-term, I predict that the German DAX will break-out higher as bulls target the resistance at 14,133 euros.
DAX technical chart
