×

DAX Could Gain 300 Points by Christmas: Charts

Germany's Xetra DAX index is likely to continue pushing higher and could gain more than 300 points before Christmas, Daryl Guppy, CEO of Guppytraders.com, told CNBC Thursday.

"The key factor with the DAX … is that we are still in a strong uptrend at this stage," Guppy said. "We're moving towards 7,200, that's our upside target; probably by Christmas."

In China, the Shanghai Composite Index is in a "technical rebound," according to Guppy.

"It's certainly likely to move above 3,000 (points) and move back towards the 3,150, retest those highs that occurred a couple of weeks ago," he said.

Meanwhile, the dollar index is important because it's developing a "significant change," according to Guppy.

"What we're likely to see is the dollar index to retest 78.5 and move towards 80.5 as an initial target and potentially as high as 83," he said.

With the Dow Jones Industrial Average , Guppy expects a rise to 11,510 points.

"What we're expecting to see is hitting that level and then a retreat and a retest of support at around 11,000 or perhaps even as low as 10,600," he said.

Meanwhile, Korea's benchmark Kospi index could also be set to post gains and could hit 20,600 points, according to Guppy.

"There's been no selling that's been taking place by investors. All the selling that took place in response to the events of the last few days was mainly done by traders. That long-term uptrend line has not been broken," he said.

The Kospi index initially declined on news that North Korea fired missiles at an island in South Korea, but managed to close flat Thursday.