DAX30: our target at 13000 remains in place as long as resistance at 12391 holds (UBS)

If the DAX30 (German stock index) remains above 12391, it will allow UBS to continue to target its summer target at around 13,000:

"Unlike typical IBEX or Euro Stoxx 50 a-b-c correction figures, we so far only have one retracting leg in place on the DAX. However, the decline resembles a new classic test of the previous high point, and as long as it evolves above 12391, the short-term technical picture remains constructive and the drop last week solved the previous overbought situation on the daily chart.

In the short term, as long as we do not see a new break below 12391, the chart's structure remains intact and it would allow us to maintain our summer target at 13,000."