Live Chat
Open a Live Account
Try MT4 Demo
Fund Account Open a Live Account Try MT4 Demo Portal
Menu ☰

Consolidation on the DAX but the bulls still control

Posted by on May, 11 2018.

DAX Xetra (cash index)

The bulls continue to push forward as another positive session completed yesterday with a close above the psychological 13,000 barrier.

A near term breakout above 12,960 leaves support at a higher level and the market continues to run higher with a sharper two week uptrend within the five week uptrend channel.

  • The bulls will certainly be eyeing a test of the 13,140 next resistance.

Momentum indicators remain positively configured and continue to suggest that near term corrections remain a chance to buy.

The steepness of this two week uptrend means that any consolidation will now potentially break the uptrend and this is what could be about to be see today as the early slip back comes in today’s session.

  • However having broken out above the key 12,600 support the market will look towards building support within the trend channel.
  • The latest breakouts at 12,827 and 12,960 are now supportive.
  • On the hourly chart there is a continuation of the strong momentum as the hourly RSI continues to find buyers returning around 50 and MACD lines are positively configured.
  • The initial resistance at 12,033 needs to be breached having been tested twice in the past two sessions.

The hourly chart does also show that the market has not broken a higher low since 25th April.

 

Ready to start trading?

Open an Account Try Demo

  • Archive

  • Topics

  • Videos
Research Risk Warning

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.

Platforms

Products

Support

Professional

This website is owned and operated by Hantec Markets Limited. Registered Office: 43-45 Dorset Street, London, W1U 7NA.
Company No. 06819047 FCA Register No: FRN 502635.

Hantec Markets is a trading name of Hantec Markets Limited who is authorised and regulated by the Financial Conduct Authority (FCA) in the UK. FCA Register No: FRN 502635.

The information and content provided on the website (“the Information”) you are going to access, has been compiled and presented in accordance with UK laws and regulations. The Information is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use may be contrary to any of the laws or regulations of that jurisdiction. The products and services described herein may not be available in all countries and jurisdictions. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. The release does not constitute any invitation or recruitment of business.

Hantec Markets does not offer its services to residents of certain jurisdictions such as Afghanistan, Belgium, Central African Republic, Democratic Republic Congo, Eritrea, Iran, Iraq, Israel, Libya, North Korea, Somalia, South Sudan, Syria, USA, and Yemen.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% 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.