Technical Analyst, Saxo Bank Group
Summary: DAX/GER40 cfd still holding on above key supports. Can it resume uptrend and push above 17K?
EuroStoxx50/EU50 cfd still in correction mode but above strong support levels. RSI indicator is key for uptrend to resume
DAX is still holding on above the key support at around 16,469.
If RSI, which is not showing divergence, is closing above its falling trendline it will be strong indication that DAX will resume uptrend. If that scenario is playing out DAX would be likely to test and break above December peak at around 17,003 followed by a push higher to the 1.382 projection at 17,215
A close below 16,469 is likely to fuel a sell-off down to around 16,060 support GER40 cfd bounced from key support at around 16,461 and seems likely to resume uptrend. There is no divergence on the RSI supporting the bullish scenario to play out. Strong resistance at around 17,002. An uptrend scenario could take GER40 to 17,215 possibly higher.
Key strong support at around 16,461
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