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DAX finally breaks back above 11,000 but can it be sustained?

DAX Xetra (cash index)

With this morning’s move above 11,000, can this finally be a breakout that the bulls can back on the DAX?

The past couple of weeks has seen a consolidation building as the market has eyed the ceiling of the pivot around 11,000, however a bullish move this morning is seemingly now ready to break the resistance.

This move comes on the back of a strong reaction into the close yesterday with a bull candle (even though the close was mildly lower on the day).

Momentum is subsequently looking to now swing higher and it is interesting to see the RSI and MACD lines rising at three month highs on this morning’s move.

There is a upside gap open at 10,929 which is now an interesting reference for the bulls as support (as gaps do tend to be filled).

A close above 11,000 is the first step to achieve now, whilst then pushing on for the bulls to leave a “breakaway gap”.

This would then open the prospect of this move being a key base recovery and a move back towards 11,725/11,865.

The hourly chart shows positive momentum indicators and weakness being seen as a chance to buy.

  • A closing breakout above 11,000 leaves support at 10,786 as a key higher low but also implies around 210 ticks of upside towards 11,200.
  • Support at 10,948 and then the gap at 10,929.

 

Richard Perry

Richard Perry

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