DAX30: the German stock index could still decline before rebounding before the end of the month (UBS)

UBS believes that the DAX30 may still retreat before rebounding later in September.

"Last week's DAX30 rebound was limited by the short-term trendline.

From a timing point of view, it is too early to see an immediate break given our projected cycle low later in September.

Short-term support comes at 12000/11935, although we consider the 38% retracement at 11525 as the worst case scenario for a decline in September, and where the DAX30 would provide a strong buying opportunity."