DAX Rebounds But Is It Going To Be A Sustainable Recovery?
Hantec Markets | Feb 11, 2019 10:23
DAX Xetra (cash index)
The pivot around 11,000 is a key gauge for the outlook of the DAX.
Last week’s breakdown has been unwound on Monday morning, but can the bulls make a sustainable recovery in a move that would shift the near to medium term outlook back towards positive once more?
The Recent bear signals across momentum indicators suggest that far more needs to be don’t than the market rebounding this morning.
A legacy of the bear cross on the MACD lines is still an issue, whilst the Stochastics are still falling and although the RSI has ticked back higher it is below 50.
Holding a move back above 11,000 is a minimum today.
However, the hourly chart shows an area of overhead supply between 11,000/11,100 as the hourly RSI is simply unwinding from an overstretched position.
A failure of the hourly RSI under 60 and hourly MACD lines around neutral with a lower high in the 11,000/11,100 band would be seen as a chance to sell.
- Support is in at 10,863 whilst there is the opening gap today at 10,907.
- Initial support is today’s traded low at 10,944.
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