A potential bullish continuation pattern for the DAX, with a target of 18,760, is still pending, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.

Dodd says the DAX left another bearish Shooting Star candlestick yesterday on the daily Chart as it rejected a break above the September swing high, and this suggests a pullback from current levels. However, in the longer term, Dodd says the DAX is continuing to consolidate below key resistance at 13,597, which is also the neckline of a potential bullish continuation pattern (see Weekly Chart). If this neckline is broken, the pattern would be confirmed and the 18,760 measured target would come into view.

See Daily Chart / Weekly Chart.