DAX: Dax Index Almost out of the Mire
Dax Index
After rallying from the 11895-11869 range - leaving one defiant spike at the lower line and the bodies of the 1 hour candles sitting on the upper line - the Dax is now testing the first resistance line at 12093 and should rally to 12141-12166 range though it may wait for the US open to do so.
This range is the underside of important structure to left of price.
It has to break above 12166 to follow long again back to 121315 and then 12498, unless buying the next dip which may come over lunch in Europe.
On the downside the Dax has to break below the dynamic support line rising from the recent lows to return to negative from here.
It's still in a tricky spot technically whilst trapped below that old structure up to 12166 but the World Index looks positive (see update) so it looks like this will get dragged higher in its wake for the next day or two.
Look to buy dips for now but it will need US power to help it beat 12166 later on today.
The World Index chart suggests that should be forthcoming later.
After rallying from the 11895-11869 range - leaving one defiant spike at the lower line and the bodies of the 1 hour candles sitting on the upper line - the Dax is now testing the first resistance line at 12093 and should rally to 12141-12166 range though it may wait for the US open to do so.
This range is the underside of important structure to left of price.
It has to break above 12166 to follow long again back to 121315 and then 12498, unless buying the next dip which may come over lunch in Europe.
On the downside the Dax has to break below the dynamic support line rising from the recent lows to return to negative from here.
It's still in a tricky spot technically whilst trapped below that old structure up to 12166 but the World Index looks positive (see update) so it looks like this will get dragged higher in its wake for the next day or two.
Look to buy dips for now but it will need US power to help it beat 12166 later on today.
The World Index chart suggests that should be forthcoming later.
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