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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.

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DAX bulls struggling to ignite the technical rally

DAX Xetra (cash index)

The potential for a near term technical rally forming is still developing, but rather than a “V” shaped bounce, it could be a slow burner of a recovery.

I have been discussing for a couple of days now whether the DAX was stretched and due a rebound and there are signs that the selling pressure has abated in recent sessions.

However it does not currently look as though the bulls are ready to really push ahead with a move higher.

Yesterday’s positive session was encouraging but failed to ignited with an intraday pullback from 12,039 and a close back below the psychological 12,000 level once more.

This is reflected in the initial composition of the candle today, which has the current price below the open and little traction in the move higher.

Momentum indicators are showing that a bounce is still progressing, with the Stochastics having now crossed higher (not confirmed in a bull cross yet) and RSI picking back up from 30.

The hourly chart is more positive for a technical rally, with a move to leave higher lows and momentum more positively configured.

  • Yesterday’s low at 11,930 needs to hold today and the bulls need to regather themselves to push above 12,039 to make further progress for a test of the key overhead supply 12,100/12,120.
  • The support at 11,888 is key.

 

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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