DAX Xetra (cash index)
The market still awaits a closing breach of the resistance at 12,600 as yet again another attempt on Friday fell just short.
Although the market closed decisively higher the candlestick on the day showed the bulls could only muster an 8 tick gains from the open to the close.
This reflects a continued lack of conviction around these levels.
Once more this morning, the market is trading above 12,600 in the early moves, but with resistance in the band 12,600/12,647 in the past couple of weeks and stretching back to February.
The daily momentum indicators are ticking higher in strong configuration and the hourly chart is also strongly positioned but this is still a market moving with the hand brake on.
There is a gap still open at 12,500 from Friday but the bulls are setting their sights higher for now.
An intraday move above 12,647 in addition to a close above 12,600 would be ideal, especially with a strong daily candle.
If this were the case there could be a mini explosion to the upside.
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