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DAX above 17,600 again- here is the next technical level to note
The higher opening for the US stock markets this afternoon, which was noted in the previous update, is being led by the Nasdaq 100, is also helping European stocks to forge higher again. So, the DAX which earlier lifted above 17,600, has now risen above that level again. In terms of technical levels and looking at the current rebound from the most recent low, at 17,024, we see that is in place a little higher up. The fall from the record high set in May, at 18,892 delivered a low at 17,024. So, if we plot a 38.2% recovery of that fall, it leads the DAX to a first corrective target at 17,738. That might not be seen of course, but it is the next level of note in this current rebound phase. The DAX is currently trading at 17,622
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