Technical Update - DAX/GER40 cfd flirting with key support
Kim Cramer Larsson
Technical Analyst, Saxo Bank
GER40 Future/CFD testing key support. 13,000 is key support for DAX. Sellers trying to push it below, buyers lifting it.
As can be seen on the 1 Hour chart GER40 is pushed below, buyers trying to lift it back above. There is Divergence on RSI indicating we could see a rebound. However, if GER40 takes out 12,937 and RSI breaks the rising trend line, a sell off could be fueled.
If buyers succeed in lifting GER40 back above the falling trend line on the 1 hour chart we could see a move to 13,500
If the DAX cash Index closes the day below 13,000 March lows are likely to be tested and possible taken out. At the end of the day the DAX cash Index is where the real interest is
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