DAX Index Up Approaches Yearly Highs

DAX index started the day higher as investors cheered another record close in Wall Street. The holiday shopping numbers had broken all records as reported by Amazon. Meanwhile, President Donald Trump said he and President Jinping would hold a signing ceremony, for the Phase 1 trade agreement.

During December the Dax added 0.61% underperforming its U.S. peers, while the last three months registered 7.77% gains. The Dax index is 26.00% higher since the beginning of the year.

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Dax 30 Bulls Target 14,420 YTD High

Dax 30 adds 0.43% at 13,357 just 75 points below the yearly highs. The bullish momentum is intact as the index holds above all major daily moving averages. On the upside, an initial resistance is at 13,367 today’s high. If Dax breaks the intraday resistance next level to watch is the yearly high at 13,425.85. A break above the 2019 highs will pave the way for a visit to 2018 highs at 13,596 from January 22nd  2018.

On the other hand, Dax first support stands at 13,320 today’s low. The next resistance is the 50-day moving average at 13,103. The 50-day moving average provides strong support for the index since September 2019.

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