DAX Xetra (cash index)
The past week of trading on the DAX has shown a change in sentiment and the recovery is now beginning to gather pace.
Another positive session yesterday completed a breach of a three week downtrend, whilst the market is now looking to push through the overhead supply resistance band 11,459/11,499 with another run higher early today.
This is coming with a batch of positive signals on momentum, with the RSI at a near four week high, a recent confirmed bull cross buy signal on Stochastics and a bull cross now forming today on the MACD lines.
The last bull cross on the MACD lines came prior to a 400 tick run higher.
- A close above 11,500 today would open 11,726/11,865.
- Furthermore, there is now a band of support around the historic 11,400 level where previous highs from the last week or so at 11,395 now becomes supportive meaning that intraday corrections are a chance to buy.
This is reflected on the hourly chart with the more positive configuration on momentum.