Tuesday, May 19, 2015

DAX - 05/19/2015

The index is on a break out attempt, but so far the upper line of the smaller channel is still a resistance. The momentum on the daily chart created a bullish cross which still needs to be confirmed by MA10/20 cross, but the downward channel is broken and today's gap could easily be a runaway gap. Even if this is part of a correction the 11900s level should be tested as 61.8 fibonacchi level is laying right around there. 11 o'clock (CET) ZEW data should determine the next move.
DAX daily chart - channels at crossroads.

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