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Can the DAX bulls prevent another sell-off?

Posted by on Nov, 23 2018.

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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