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DAX slipping but a gap fill would be another opportunity


DAX Xetra (cash index)

A run higher within the two week uptrend channel has just taken a pause for breath this morning but the move is likely to be seen as another chance to buy.

Support of the uptrend comes in at 12,580 today and there is still the support of the medium term pivot around 12,600.

However traders will be looking at the potential of a filled gap at 12,689 as an opportunity.

The strength of the momentum is now as such that near term corrections are a chance to buy as they help to renew upside potential.

The daily RSI is into the mid-50s, whilst MACD lines are accelerating higher and the Stochastics strongly configured.

  • On the hourly chart the RSI is just unwinding from a stretched position and the buyers will be looking at a move back towards 40/50 as an are ideally for the next position for support, which would be ideally in the 12,640/12,689 support range.
  • Resistance is at 12,775.

 


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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.