Germany 30 (DAX30) Stock Market Index achieves our Price Target.
In our blog post dated 29-08-2018 22:34:20, exclusively for our paid clients, we analysed Germany 30 from our proprietary technical analysis perspective and wrote, “Germany 30 Cash: DAX 30 is forming a possible Inverse Head and Shoulder. The contexts are: (1) It is happening after a drop of 10.91% (1,398 points) in recent time and (2) It is forming at a horizontal support line generated from the low of 25-Mar-2019. The drop started on Wed 03-Jul-2019. The Head can be found on Thu 15-Aug-2019, the left shoulder at Tue 6-Aug-2019 and the right shoulder on Mon 26-Aug-2019. In between the head and the left shoulder there was a swing high (also peak) on Fri 09-Aug-2019. In between the head and the right shoulder there was a swing high (also peak) on Thu 22-Aug-2019. We join these two peaks to form the Neck Line. Today’s price is very close to the neck line. As per our break-out definition, a bar has to close above this neck line and another bar has to go higher than the high of the bar which closed above the neck line. The potential target can be found when we copied the vertical line dropped from the neck line to the low of the Head to place it on top of the neck line. this will be around 12500”.
Interestingly Germany 30 (DAX30) Stock Market Index crosses the neck line of our head and shoulder pattern just the next day on Friday 30-Aug-2019. How good is that? It shows the power of our accurate technical analysis which time and again has proven itself as correct.
After crossing the neck line, Germany 30 (DAX30) Stock Market Index rushes towards our price target and reached our price objective only after 10 days as shown in the chart below:
Our blog post dated 29-08-2018 22:34:20, exclusively for our paid clients:
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