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.
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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