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DAX     CHARTING EUROPE: DAX 30 Bulls On Course For 6408/6427 (GRUNDBOY)

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GRUNDBOY     posted : 29/03/10   03:31 pm

2010-03-29 - 11:07:32

=CHARTING EUROPE: DAX 30 Bulls On Course For 6408/6427

By Francis Bray, CFTe MSTA
LONDON (Dow Jones)--Global stock markets are set to end the first quarter of 2010 on a positive footing, and the DAX 30 is in a very strong position to extend the advance to meet upside targets above 6400.00.

Last week's push into fresh 2010 highs above 6094.26 lifted the German stock index to close at its highest weekly level since mid-September 2008, and Monday's gap higher underlines the solid bull momentum behind this bull wave off the Feb. 5 reaction low at 5433.02.

More importantly though, a potential five to six-month head-and-shoulders top pattern has been negated, and this push above 6094.26 means the bull channel from the March 2009 reaction low at 3588.89 can be redrawn to connect the 5433.02 higher low. See the weekly DAX 30 chart for details.

The upside projection at 6214.64 is the immediate target and is likely to be met this week, and lies close to the late September 2009 lower high at 6235.13.

Yet the underlying strength behind these gains has created scope for higher targets at 6332.13, and the 6408.63/6427.24 area.

This congested resistance area includes the 61.8% retracement level of the decline off the July 2007 all-time high at 8151.57, but combined with projected resistance at 6427.24, this area provides a good opportunity to provide a short-term cap.

However, on a longer-term basis, bulls will be targeting the 1.618 Fibonacci extension at 6697.68.

To negate the positive outlook, a break below last week's low at 5910.83 is required.

The DAX 30 was at 6158.71 at 0958 GMT.

(Francis Bray is Dow Jones' chief technical analyst for Europe, and has worked as a technical analyst and trader for 20 years in London, Barcelona and Guernsey. He can be reached at +44 (0)20 7842 9249; or by email:

For more technical analysis see: Dow Jones Newswires, N/DJTA; Bloomberg, NI DJTA; and Reuters key word search "INSI-DJN"

To watch a series of short videos explaining the basics of technical analysis, click on this link:

Data provided by CQG International Ltd.

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