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DAX 30 Lingers Above May 6 Low of 9739

DAX 30 Lingers Above May 6 Low of 9739

2016-05-18 10:02:00
Alejandro Zambrano, Market Analyst
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Talking Points

  • The very short-term bias has been neutral for around two weeks as it is clear that nor bullish nor bearish traders have control over price in the interval of 9739 to 10,111.
  • Final Eurozone CPI fell by 0.2% YoY in line with expectations in a Bloomberg News survey, while Core Inflation increased by 0.7% YoY, also in line with expectations.
  • After the close of today’s European session, the Federal Reserve will publish the most recent FOMC Meeting Minutes.

The DAX 30 was little changed and price lingered above the May 6 low of 9739 at the time of writing. On price trading above the May 6 low of 9739, the trend in place since February will remain bullish.

The trend is bullish above the May 6 low of 9739 as it is the most recent swing low of a series of swing lows formed since price reached the February 11 low of 8702. The complete sequence of higher lows is 8702, 9122, 9433, and 9739. These swing lows may act as a support on the trend turning bearish. The nearest support level below the May 6 low of 9739 is therefore the April 7 low of 9433.

For now though, the trend is bullish above the May 6 low of 9739 and according to classic technical analysis, we should expect higher lows and higher highs being created in a bullish trend.

The nearest resistance level is the May 10 high of 10,111, accompanied by the April 29 high of 10,254 and the April high of 10,490.

The very short-term bias has been neutral for around two weeks as it is clear that nor bullish nor bearish traders have control over price in the interval of 9739 to 10,111. These levels are the May 6 low and May 10 high respectively.

Our Stock Market forecasts for Q2 2016 are now live on the site. Download them for free.

DAX 30 | CFD: GER30

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

Final Eurozone CPI fell by 0.2% YoY in line with expectations in a Bloomberg News survey, while Core Inflation increased by 0.7% YoY, also in line with expectations. After the close of today's European session, the Federal Reserve will publish the most recent FOMC Meeting Minutes. The Minutes may attract attention as according to the business press, the FTSE 100, DAX 30 and S&P 500 declined yesterday as expectations of a Fed rate hike in 2016 increased. Traders will therefore start to dissect the minutes, once released, for signs of this occurring.

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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