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DAX pushing higher again but resistance nears

DAX Xetra (cash index)

There has been a rather topsy turvy few sessions on the DAX recently, however, taken in the context of the past few weeks, the market is trading in a range and increasingly is in need of a catalyst to drive a breakout.

  • The support is strengthening at the medium term key breakout around 12,600 however the rallies are tending to struggle around 12,925.

An encouraging rebound helped to prevent a concerning sell-off on Friday and a positive reaction has come through with early gains today.

However the bulls may struggle to continue to push on, given the uncertain geopolitical outlook of the next couple of days.

  • There is still a gap open at 12,795 from today’s early jump higher and this is likely to be filled at some stage today or tomorrow.

The momentum indicators are rather neutrally configured now and reflect the recent range building.

  • Bulls will be looking for a close above 12,925 resistance to open the upside, with 13,040 initially as resistance and then the key May high at 13,204.

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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.