DAX 30 (1H) - short term bullish bias
Last Monday's sell-off pushed the RSI indicator into the over-sold territory. The ensuing RSI divergence where the indicator showed a higher low in contrast to a lower low in the price was a sign that selling pressures have eased off. After a rebound above the immediate resistance in the shape of moving averages, the index saw solid support near 13050. We expect the bullish pressure to build up and a push above 13190 may lead to a rally toward the previous high of 13330.
Key support: 13050
Key resistance: 13190
Last Monday's sell-off pushed the RSI indicator into the over-sold territory. The ensuing RSI divergence where the indicator showed a higher low in contrast to a lower low in the price was a sign that selling pressures have eased off. After a rebound above the immediate resistance in the shape of moving averages, the index saw solid support near 13050. We expect the bullish pressure to build up and a push above 13190 may lead to a rally toward the previous high of 13330.
Key support: 13050
Key resistance: 13190