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DAX remains under pressure as pullback rally fails


DAX Xetra (cash index)

The bears are turning the screw again as another rebound has been sold into and the market has comes under downside pressure once more.

Friday’s positive session simply seems to have been a pullback rally which unwound the market back to the neckline of the top pattern around 12,600 but has then been used as another chance to sell.

This has left a key level of resistance at 12,579 and with the market falling below Thursday’s reaction low at 12,472 this morning there has been a drop to a new eight week low and the run of lower highs continues.

This comes with momentum indicators continuing to deteriorate with the RSI below 40, Stochastics falling in bearish configuration and now the MACD lines falling below neutral.

The hourly chart shows negative configuration on momentum indicators whilst rallies that unwind the hourly RSI towards 40/50 are being sold into now.

  • There is initial support now with a late April low at 12,312.
  • The importance of the reaction high resistance at 12,760 is growing whilst the bears will note that the medium term pivot around 12,600 has become a key basis of resistance now.

 


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