The German Stock Index (Deutscher Aktien IndeX/^DAX/^GDAXI) went up by 2.53% to 6,142.15 as the PMI (Purchasing Managers Index) numbers in the Euro-zone came in significantly above the expected. Another factor that bolstered the global markets’ ascend today are the impressive earning results of US companies such as Boeing, American Express, Caterpillar, Ford Motors, McDonalds, Microsoft, Amazon, ExxonMobil, Chevron and General Motors.
The chart of the German Stock Index is forming an ascending triangle formation and after a good trading session earlier the value is now pointed upwards. If this index pierces through the resistance of the triangle, the immediate target price could be 6,626.70. If the 6,626.70 marker gets cleared out, the next resistance could be 6,855.84. In case the bears come in and the index starts heading south, the immediate support could be the uptrend. If the value further slides below the uptrend, the next support could be 5,906.04.
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