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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.5% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Bulls continue to build their recovery case on the DAX

DAX Xetra (cash index)

The rally of the past few sessions continues to gains traction and is now up around a key crossroads in its development.

Is this going to be a sustainable recovery that continues well into next week?

The answer could come in how the market responds to the resistance band of the old June/August lows 12,104/12,120.

Yesterday’s attempt to breach this resistance was rebuffed and the market only ended with a rather drab positive session.

Another gap higher at the open today is testing this band of resistance again early today and if we see a close above 12,130 (yesterday’s high) then it would be a real signal of intent from the bulls.

  • This would then decisively open the run higher as there is little significant resistance until 12,300/12,400.

Momentum indicators are certainly turning more positive, with the confirmed buy signal now on the Stochastics, RSI tracking higher above 40 and should there be a bull cross completed on the MACD lines it would be a real confirmation on the recovery.

The picture of the recovery to buy into weakness really comes through on the hourly chart.

A very well defined double bottom base pattern came with a move above 12,039 which has had an almost perfect pullback to the neckline of the breakout.

  • This base implies 12,190 as a target, leaving good support around 12,039.

Hourly momentum indicators are also continuing to improve and suggest weakness is a chance to buy.

 

Richard Perry

Richard Perry

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You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Please click here to view our Risk Disclosure.

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