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DAX breaking through 13,000 barrier opens further upside


DAX Xetra (cash index)

As the bulls pushing through the 13,000 psychological resistance, the outlook continues to improve.

Within the uptrend channel of the past five weeks, the market is pulling higher within a sharper two week uptrend which supports the market today at 12,945.

Momentum indicators confirm the positive configuration with the RSI rising ever higher into the high 60s and the MACD lines rising at their highest since November.

  • In each of the past nine sessions since the market bottomed at 12,312 there has been a higher daily low.
  • With yesterday’s low at 12,890 there is a good band of support between 12,890/12,960 (the higher of which was this week’s previous high before this morning’s latest upside break.
  • Closing above 13,000 will be the next feather in the cap for the bulls and they would then open 13,140 as the next resistance area to test.

The hourly chart reflects how strong the near term momentum is, with the RSI now consistently bottoming around 50 or above, whilst the MACD lines are comfortable above neutral.

Today’s low at 12,965 will be seen as a growing support now.

 


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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.