DAX Xetra (cash index)
There is a continuation of the support that has formed above the medium term pivot at 11,000 but can the bulls find the traction for an upside break?
In each of the past four sessions, there has been an intraday move to “fill” the gap at 11,149 and on each occasion that market has closed above the gap as the buyers appear happy to support.
However, can this now be translated into the DAX joining other major global indices in pushing higher?
Perhaps so, as the early move higher today is showing decent gains and the bulls are eyeing recent highs.
Momentum is showing a mix of signals.
There is a positive bias to the RSI which is ticking back above 60 today, but the MACD lines need to be more convincing but the Stochastics still need to be watched as they are still in a negative drift.
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