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Can the DAX bulls prevent another sell-off?


DAX Xetra (cash index)

There is a lack of conviction in moves across equity markets as traders remain without the crutch of Wall Street in the early part of today’s session.

However, there is still a sense that near term recoveries on DAX remain a chance to sell.

There is a mini trend lower over the past week or so, and the early rebound back to the overhead supply around 11,230 is a confluence with this trend lower.

Momentum indicators give a mixed picture for the DAX right now, but the medium term negative bias continues to suggest that intraday rallies will struggle.

  • There is initial support in the past few days around 11,115 which comes in above the key low this week at 11,009.
  • However, rallies are still likely to fail around the 11,230 pivot area with Wednesday’s high at 11,258 worth watching especially on a closing basis.

 


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At Hantec Markets Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.