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DAX upside remains favored - FXStreet

FXStreet (Córdoba) - The German DAX ended the day unchanged at 10,951.15, after starting the day with a negative tone. The index however, recovered ground amid EUR weakness, but failed to extend its rally amid the lack of local data to guide investors.

DAX technical view

“The dominant bullish tone remains firm in place, as buying interest surges on pullbacks, and the daily chart shows that the index remains firmly above a bullish 20 DMA and the 100 DMA, although the technical indicators have lost their upward strength in overbought territory, rather reflecting the intraday lackluster than suggesting an upcoming downward move”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart supports additional gains, as the Momentum indicator has bounced from its 100 level, whilst the index holds above its 20 SMA. In the same chart, the RSI heads slightly lower, but remains well above its mid-line, far from indicating a downward move ahead”.

The analyst locates next support levels at 10,926, 10,878 and 10,795, while she places resistances at 11,000, 11,066 and 11,150.

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