DAX spiked to fresh high at 12177 (the highest since mid-2015) on 0.4% opening higher on Thursday and subsequent acceleration higher. Rally was triggered on relief after Dutch elections, results of which soothed fears of Eurozone’s breakup.
Strong fundamentals were supported by bullish technicals that favor further advance after the price broke above previous high of 01 Mar at 12098.
Fresh bulls peaked at 12177, with consolidation on extended near-term studies underway.
Session low at 12088 marks initial support that is holding for now, with today’s gap expected to remain intact and keep near-term structure in firm bullish tone for fresh upside action, towards projections at 12211 and 12282, regain of which would unmask key longer-term barrier at 12398 (record high, posted on 10 Apr 2015).
Conversely, filling today’s gap would risk test of pivotal support at 12046 (rising daily Tenkan-sen) which underpins the action in past two weeks.
Res: 12144; 12177; 12211; 12282
Sup: 12088; 12062; 12046; 12000
