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Technical Update - DAX/GER40 closing gap testing key resistance. Higher levels likely
Kim Cramer Larsson
Technical Analyst, Saxo Bank Group
DAX closed above it the lower resistance of the gap at 13,565. If it closes above the upper resistance at 13,762 today it has closed the gap. Next minor resistance the 0.618 retracement at 13,824 and at the 0.764 retracement at 14,162. Also expect some resistance at the falling (Black) trendline.
RSI is back above 60 indicating higher levels are likely. To reverse this bullish picture a close below 13,335 is needed.
GER40 cfd/DAX future is at the time of writing trading above resistance at 13,675 testing 100 SMA.
GER40 is likely to test 0.618 retracement at 13,822.
A move towards the falling trendline and the 0.764 retracement at 14,161 is not unlikely. RSI above 60 with no divergence supports this picture. To reverse the uptrend a close below 13,330 is needed.
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