DAX 40 June Breaks Out to Retest All-Time High
2023.05.22 05:17
40 June breaks out to the upside to retest the all-time high at 16295.
June trapped in a 120-tick range for 2 weeks.
Today’s Analysis
Dax June beat the all-time high at 16275/295 & made it to the next target of 16370/390 with a high for the day exactly here. Bulls are clearly in control so further gains look likely this week targeting 16440/450 & 16495/505.
The downside should be limited & we could see a low for the morning at 16300/16290 but if we see further losses during the day I would expect very strong support at 16260/240. Longs need stops below 16200.
June meets resistance at the high of the 2-week range at 7800/7820. Shorts need stops above 7835. A break higher is a buy signal as long as we hold above 7810/7790, targeting 7780/90 before a retest of the April high at 7925/35.
Minor support at 7760/50 then better support at the lower end of the range at 7700/7690. Longs need stops below 7680…on a break lower look for 7655/50.
