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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 consolidation continues as early drop back is supported

DAX Xetra (cash index)

Consolidation that has set in for the past week continues to hold back the market from an upside break.

  • Although there is a near term floor at 10,786 there is a mini-range formation that has seen the bulls struggling every time the pivot around 11,000 looms.

The last two sessions have contained higher closes but interestingly with negative candlestick patterns.

This reflects the lack of conviction currently in the market.

Momentum indicators have tailed off in their recoveries but are just into a reflection of the near term consolidation.

The early move lower today has failed to ignite the bears and the market looks to be fairly stable.

Looking on the hourly chart there is an increasingly neutral configuration, with the hourly RSI oscillating between 40/65 now, and the MACD lines hovering around neutral.

  • The early gap lower from last night’s close pf 10,931 is likely to be filled in due course as this consolidation looks set to continue.
  • Today’s low at 10,822 is initially supportive above 10,786.
  • Resistance at 10,945 protects 11,000.

 

Richard Perry

Richard Perry

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70% 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.
Please click here to view our Risk Disclosure.

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