German stocks aim at 20k

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the market sell off that occurred at the end of July and start of August, the German top stock index has gained more than 15.00%.

Namely, the index found support in the range that surrounds the 17,000.00 mark and started a major surge. The surge overextended itself near 19,000.00 and a consolidation occurred. However, on a third attempt, the index passed above this level. In early October, the equity index confirmed the 19,000.00 level as support. In addition, the stocks revealed that they are surging in a channel up pattern.

The German equities are expected to approach the 20,000.00 mark and test this level's resistance. If the major mark fails to hold, there is no resistance as high as the upper trend line of the channel pattern near 21,000.00.

On the other hand, a potential decline of the stocks is expected to look for support in the 19,500.00 level and the lower trend line of the ascending channel. If the pattern fails, the index would look for support in the 19,000.00 mark and the 18,500.00 level.
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