DAX Xetra (cash index)
As the outlook has improved in recent sessions the DAX has moves towards a test of the key lower high from March at 12,460, but can the bulls breakout?
Yesterday’s opening gap higher was bullishly filled and even though the candlestick was all but a doji (which denotes uncertainty with the trend), there is still a positive outlook in place near to medium term.
The early slip back today has done little to impact on the outlook quite yet and the bulls will be looking for any higher low to be posted above the one month pivot around 12,160.
If this can be seen then the market will be looking at using weakness as a chance to buy again with the March high again in mind.
Momentum indicators on the daily chart remain strongly configured for the continued recovery.
This is reflected on the hourly chart which shows strong momentum configuration of the past few sessions.
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