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GER 40 Tests Key Resistance

The Dax 40 finds support from strong earnings in Q2. A bullish MA cross on the daily chart indicates improvement in the market mood after the bulls cleared resistance around 13350. 13650 at the origin of a faded rebound in mid-June is a key hurdle. Selling interest could be expected as the index is still in recovery mode. However, a bullish breakout could trigger a runaway rally and send the index towards June’s high at 14700. The RSI’s overbought condition has caused a pullback and 13340 is the first support.

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