The DAX has remained within a tight consolidation just beneath its ATH (all-time high) over the past three weeks. Whilst it has so far failed to break higher, neither has it sold off. The OBV (on balance volume) indictor has moved to a new cycle high which suggests underlying bullish power, and Friday's lower wick (and bullish hammer) shows demand around the March and February's highs.
- We're now looking for a bullish breakout from its current consolidation, whilst prices remain above 15,700.
- The next target for bulls is just below its record high.
- We're now looking for a bullish breakout from its current consolidation, whilst prices remain above 15,700.
- The next target for bulls is just below its record high.
Trade closed: stop reached:
European equities did not enjoy the day we had hoped yesterday, with concerns over a US debt default and the financial sector weighing on sentiment to rag indices, yields and oil lower.