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DAX Index Spikes to New Monthly High, Ireland Supports Short Extension

The DAX index just spiked to a new monthly high at 11 am London time as RTE news reports that the Irish prime minister, Varadkar, is supporting an extension of the Brexit negotiations to January 2020. However, he is also in favor of allowing the UK to leave before that date if the Withdrawal Agreement is ratified earlier. Earlier today, German’s Mass also said it would not be an issue if the Brexit date was delayed by a few weeks to allow the UK to vote on the details of the new deal.

Technically, the DAX index attempted to trade above last weeks high of 12824, but as soon as the index reached that level the DAX index was pushed lower, back into the rectangle pattern I reported on earlier today. At this stage, it is too early to know if the DAX index will break higher, and we would need for the index to establish itself above the 12824 level before the rectangle pattern suggests that traders will lift the index to the pattern target at 13048. For more on this please read: DAX Index Bounces as EU Might Offer Short Extension to Pass Brexit Deal.

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