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DAX struggling for the bulls to gain traction


DAX Xetra (cash index)

There is a continuation of the uncertain outlook on the DAX, something which is depicted well through yesterday’s session.

Another volatile session, of 250 ticks, the candlestick shows long upper and lower shadows and a very small real body.

There is though a trend lower still intact over the past four weeks, along with medium term negative configuration on momentum indicators.

This suggests that rallies continue to be a chance to sell.

  • The support at 11,310 is intact from earlier this week, however the run of lower highs is still restrictive of a recovery.

Once more this morning there is a very muted tick higher on the DAX and the move lacks conviction.

  • The bulls will be looking to push above 11,567 but the hourly momentum still looks corrective and there is a sense that the sellers are still ready to pounce once more.

 


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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.