The DAX traded higher in early trade in an effort to continue yesterday’s bullish move which was seen across equity markets before declining to trade in the red. Get your market update from zvawda here:
candle close last week which failed to close above the gap of the prior week. Shooting star would usually indicate further downside but that is an area of resistance. Given the significant downside move we have had what some would call a relief rally with a pullback to the MA’s now in sight.
On the daily timeframe we had a bullish engulfing candle close yesterday, failing to recapture the key 13000 level. We have continued the move in European trade today before finding resistance just above the. Should this resistance level turned support hold it could push the price above the key level. If the index can maintain gains and close above the key level, and should the market be buoyed by the ECB announcement we could see further upside.
while the gradients indicate a strong downward trend a retracement to retest the MA’s may be on the cards first.
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