Thoughts on the DAX pushing into 18,200
Been watching the DAX with some interest over the last few sessions, particularly as we've edged up towards that 18,200 area. It's a pretty significant level, not just as a round number psychologically, but also looking back at the resistance we've seen there previously. We got rejected from that zone a couple of times back in March and April before the recent run up, and even briefly during May.
My take is that if we can get a sustained close above 18,200 on daily, maybe even a weekly candle, it signals a potential shift back towards the higher ranges we saw in Q1. The risk here, for me, is a false breakout. A quick wick above 18,200 followed by a swift rejection back below could trap some early longs and set up for a move lower, possibly back towards 18,000 or even the 17,800 support that has held up reasonably well.