Hantec Markets | Feb 15, 2019 10:01
DAX Xetra (cash index)
Yesterday’s rally failure adds to concerns that the state of the recovery on the DAX is still highly questionable.
A big key one day reversal (bearish engulfing candlestick) threatens the turn the outlook corrective again.
As we had expected, the gap from 11,041 has now been filled and if it is closed then the medium term pivot at 11,000 which is still a key gauge for sentiment will come under pressure.
Looking at the momentum indicators, the recovery has now rolled over and at best the outlook is neutral on a near to medium term basis.
The RSI has fallen back below 50, whilst the MACD lines are tracking back lower again just as the Stochastics are falling over around 50.
On the hourly chart there is a bull failure around 60 on hourly RSI and a MACD cross sell signal.
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