DAX Xetra (cash index)
The generally positive appetite to risk across financial markets is helping to pull equities higher and this is lifting the DAX back to test resistance once more.
A late May corrective move on the DAX has abated and now the market is beginning to make higher lows and higher highs within a growing mini uptrend channel.
This all means that the market is again putting pressure on the resistance around 12,918/12,925 this morning.
A closing breakout above this week’s high of 12,925 would open for further gains in a recovery for initially 13,040 but also the May high at 13,204 comes back into range again.
Momentum indicators on the daily chart are ticking higher with RSI and Stochastics leading the market higher, but if the MACD lines can also turn higher this would be a strong signal.
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