The DAX confirmed yesterday a 5800 overshooting finding good resistance at the resistance line. While above the 200 hours line at 5754 we expect another test on the upside. Today’s session started with a gap down that it is now trying to close by moving up toward the 5780 area.
The indicators of the daily chart are still negative but now at the line; so a possible strong closing tonight will turn them up. Those of the s/t ones are mixed this morning supporting some consolidation. An hourly closing below 5730 will confirm a s/t top favouring a little lower level toward the 5610 area if not even 5560. A return below 5600 will however confirm also a negative reversal in the hourly chart suggesting a s/t target at 5188!!
For now we prefer remaining on the sideline waiting for confirmations!!
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FUTURE TREND RESEARCH