DAX Xetra (cash index)
A sideways drift that developed over the past week on the DAX continues to consolidate the market but have the bulls lost control.
The fact that the market continues to trade well within the now six week uptrend channel whilst also holding on to strong configuration on momentum indicators bodes well for the eventual continuation of the bull run.
Support has been left at higher levels for several weeks now and since breaking above 12,600 even the near term breakouts have become supportive.
The hourly chart shows that momentum has simply been unwinding to buying opportunity levels, with the hourly MACD lines back to neutral and the hourly RSI holding up above 40.
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