Live Chat

DAX sellers back in control and eyeing the lows again

DAX Xetra (cash index)

After the two bull candles that ended the first quarter of the year on a relatively positive note, the bulls have stumbled today.

Will this once more be a rally that the bulls use as yet another chance to sell?

The resistance of a near term pivot at 12,162 has come back into play as the market has dropped back early today back below 12,000 once more.

This round number is also something of a near term pivot too and closing back below 12,000 would be a disappointment now.

The daily momentum indicators all remain negatively configured and add to the sense that rallies will continue to be seen as a chance to sell.

  • Although the recent 5 week downtrend comes in much higher, the 12,151 rebound high could now also become a key lower high.
  • The hourly chart showing the RSI again failing around 60 and Stochastics sell signal also suggest that the lows of last week at 11,770 and then the key 11,726 are likely to come back under pressure again.
  • There is a gap open at last week’s close of 12,096 needs filling but the selling pressure is ramping up in the early stages of the session.

Ready to start trading?

Open an Account Try Demo

  • Archive

  • Topics

  • Videos

Research Risk Warning

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.