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DAX slips back again as near term range continues


DAX Xetra (cash index)

Once more the bulls have jumped the starting gun and have been hauled back as the DAX has ticked back lower once more this morning.

In the past few weeks the market may have been building the support around 12,600 however the bulls have been unable to find the positive traction in a move above a pivot around 12,925.

Yesterday’s failure at 12,948 dropped back to close an opening gap higher ad has put the skids on growing positive momentum again.

Subsequently the momentum indicators take on a move neutral configuration once more, with the RSI tailing off at 50 and MACD lines flattening at neutral.

  • The near term support to watch is now the higher low at 12,750 on the hourly chart.
  • Hourly momentum has rolled over in the ranging configuration and a breach of 12,750 would re-open the support band 12,547/12,600 again.
  • Initial resistance at 12,876.

The market is likely to fluctuate in front of the Fed (and then also the ECB tomorrow) and continuing in this range which is broadly between 12,600/12,925 plays part of this.

 


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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.