Germany’s blue-chip DAX index surged to new record high in European trading on Thursday, lifted by autos, banks and miners (Volkswagen shares are on track for the best week on record) as Fed’s dovish stance boosted global risk mode.
Wednesday’s bullish acceleration signaled an end of brief consolidation, seen in past our days, with today’s gap-higher opening and fresh extension higher, point to bullish continuation.
Bulls eye Fibo projections at 15201 (123.6%) and 16058 (161.8%), as daily studies maintain strong bullish momentum, while positive sentiment offsets warning signals from overextended daily techs.
Wednesday’s high (14681) offers immediate support, followed by the upper 20-d Bollinger band (14592) and rising 10DMA (14500) which needs to contain potential dips and keep bulls intact.
Res: 14780, 14854, 14970, 15201
Sup: 14681, 14592, 14500, 14405