Status Quo Remains For the Dax
The German benchmark index starts another recovery attempt on Thursday.
The DE30 is trying to continue its recent rise. However, the bulls are already failing at the short-term resistances: the daily highs of the past two days. And as long as Friday’s highs (upper border of the red rectangle) are not broken sustainably, the described efforts are only an upward correction in the short-term downtrend.
For the first time in three days, the 100-hour moving average is being tested today. Recovery attempts as well as higher lows (see arrows) have already been visible for two days, which could signal a possible trend reversal. A return above the moving averages as well as a golden cross could be seen as further bullish signals.
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