CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% 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.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% 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.

Intraday rallies increasingly seen as a chance to sell on DAX

DAX Xetra (cash index)

A corrective move in the past week continues to develop as the weight of the overhead medium term downtrend takes hold once more.

Since the market found resistance at 12,458 the market has lost ground in recent sessions as a series of lower daily highs show the bulls losing ground.

The DAX was shut for Unity Day yesterday where European markets had a reasonably positive session, but this has barely registered as traders have returned to sell the market in early moves once more.

This is all playing out under the shadow of the medium term downtrend, whilst momentum indicators are also now beginning to find traction in falling over at key levels.

  • Another early decline today adds momentum to the corrective move that is pulling the market back towards 12,100/12,130 as the next support area.
  • Initial support is yesterday’s low at 12,175.
  • The hourly chart shows the market has fallen over around an old near term pivot around 12,300 under a lower high at 12,373 whilst hourly momentum is increasingly correctively configured to suggest that near term rallies are a chance to sell.

 

Richard Perry

Richard Perry

Leave a reply

Recent Posts

Subscribe to our Market Analysis

Please use the boxes below to indicate if you would like to receive news, market analysis and information from Hantec Markets. Ticking yes, will direct you to our preference centre where you can choose the content of interest to you. From there you may also opt-out of receiving any communication. The choice is yours.

Your data is safe with us. Please read our Privacy Notice

Start trading now

Register now in 4 easy steps