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- DAX: DAX Looks Neutral, Consolidation Could Occur
DAX: DAX Looks Neutral, Consolidation Could Occur
The German DAX index failed to remain above the steep bullish trend line and dipped below as it was trading around 0.50% lower during the London session on Monday.
Bears could be stronger today as there is a slight bearish divergence between the price and the momentum indicator, suggesting downward momentum might start soon. The index is now testing a zone of previous highs around 12,040 EUR and stronger bids should be located here. If this level is broken, the current bullish momentum could lose steam and the index might decline further to the psychological level of 12,000 EUR.
On a longer timeframe, the current bullish wave looks only like a correction in a bearish trend. This trend could therefore resume, should the DAX dip below or 12,040 or 12,000 EUR respectively.
On the upside, the resistance is at the current swing highs around 12,120 EUR and - if the price jumps beyond that - the upward trend would be confirmed, target 12,180 EUR or possibly 12,220 EUR.
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