Technical Analyst, Saxo Bank
DAX is having trouble closing above resistance at 13,378. It peeped above last week but got hit by selling. To get upside traction DAX needs to take out 13,400. But then there is resistance again at 13,565 and 13,7761 i.e. the gap range.
RSI is still showing negative sentiment, not even touching the 60 threshold. If DAX drops below 13,097 AND RSI closes below its rising trend line bear trend is likely to resume.
GER40 cfd/DAX future is being rejected at the resistance at 13,383, several times. A close above or a break above 13,450 is needed to keep the rebound scenario alive.
A break below 13,090 bear trend is likely resume
Euro Stoxx 50 has closed above resistance at 3,581. However, it is not a convincing break. RSI is still below 60 i.e. showing negative sentiment. There seems to be a lot of interest in EuroStoxx NOT to close above 3,600 which it must do for further upside. If it does close above 3,600 further upside could be limited, however. Medium term falling trendline will offer resistance which could coincide with the 0.618 retracement at 3,666.
If Euro Stoxx breaks below 3,546 bear trend is likely to resume.
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