DAX40 PERF INDEX - German DAX30 Ready To Challenge 9805 Again - 07/11/2016 (GMT)

The German DAX 30 index rose to 9733 price level after the rebound to the strong support level at 9156 and more recently from the key support level at 9306. The last few days the index rose more than 3% recording a fresh high for the last six days.

From a technical point of view and according to the monthly chart, the price tested and bounced the 50-SMA and now is trading above it. On the daily chart, currently, the index is below the three SMA’s (50 – 100 – 200 – SMA’s) but a bullish momentum from the technical indicators has been observed. Our expectations is a further upside potential move and the obstacles that the price has to go through are the 9805 resistance level and the three aforementioned SMA’s. A successful attempt above the aforementioned difficulties will open the way for the 10037 level and then for the significant resistance area at 10468 – 10532. The MACD oscillator had a bullish crossover to its trigger line and the RSI indicator is sloping upwards near the 50 level supporting the bullish picture.