DAX Xetra (cash index)
A recovery in the past few sessions has unwound some of the recent oversold position, but is the move anything more than just another chance to sell?
The risk appetite around global equities has been less negative as the US/China rhetoric has improved, allowing the market to rebound but the big test for the DAX is overhead with the resistance around 11,000.
Momentum indicators are in the process of unwinding on a near term basis, but will this just renew downside potential?
Watch the hourly indicators, with the RSI potentially rolling over around 60 and MACD lines losing impetus around neutral.
A confirmed sell signal is threatening on the hourly Stochastics too.
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