The DAX closed higher yesterday at 12,223.2, gaining 46.8 points as investors shook off concerns surrounding the escalating trade tensions between the U.S. and China, while ECB president Draghi discussed European integration and how to move forward without tackling any monetary policy issues or QE. In economic news, Eurozone Consumer is to be released at 14:00 GMT and German Buba President Weidmann speech at 15:15 GMT.
DAX fell short of testing our resistance target set yesterday (by 8 points) with RSI and MACD indicators confirming today a decreasing bullish momentum on the hourly chart indicating an intraday correction, with both indicators and price diverging. Upside momentum will hold as long as price respects our parallel uptrend channel.
Support: 12,106.7 12,161.5
Resistance: 12,250.1 12,407.4