DAX Xetra (cash index)
After teetering on the brink through much of yesterday’s session, the bulls have clung on and look ready to reap the benefits.
The uptrend channel was severely tested during a negative session, but the integrity of the channel held on the close, but coming as Friday’s gap higher was bullish filled, this is a key move that suggests the bulls are ready to break higher.
Today’s early move higher reflects this.
Momentum indicators are positively configured, with the RSI rising above 60, MACD lines still rising strongly and Stochastics above 80.
The hourly chart shows the buying pressure resuming at the levels where throughout January has been key, with around 40 on hourly RSI and around neutral on hourly MACD again holding firm.
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