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DAX breaks through resistance to open the upside once more


DAX Xetra (cash index)

Holding on to the support of the pivot and the uptrend channel retains a positive configuration on the DAX as the market again pushes higher.

Yesterday’s bullish candle has been followed by a bullish upside gap to new seven week highs today.

Momentum continues to improve and there is increasing positive traction through the RSI above 60, MACD lines rising above neutral and the Stochastics above 80.

It all points towards weakness seen as a chance to buy.

  • The gap is open at 11,149 but as with the breakaway gap last week, there is a sense that a retreat to the breakout at 11,217 is now a basis of support to watch for an intraday correction today.
  • A closing breakout above 11,217 opens the next resistance at 11,567.

The hourly chart shows strongly configured momentum, with the hourly RSI consistently above 40 and MACD lines above neutral.

  • Weakness is a chance to buy with a support band 11,149/11,217 for any unwinding move.

 


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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.