DAX: Above 200-day ma at 12016 targets the 12273 level – Credit Suisse

Above the 12106 200-day average the DAX would question the long-term bearish view maintained by analysts at Credit Suisse with next resistance sitting at 12273.

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Key quotes

“The DAX recovery has gained further upside momentum and the index is now testing its 200-day average, currently at 12106. A break on a weekly basis above that level would question our long-term bearish view.” 

“Next key resistances to monitor above 12106 can be identified at 12273, the March 2020 high, then the 78.6% retracement at 12610, potentially as far at 12887.”

“Only a break of 11430/10867 would take the momentum out of the current rally, with next key support to watch at 10161.”