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Devata Tseng

DAX Bulls Test Near Term Major Resistance

The DAX index has been oscillated in the range between 11900 and 12100 since early March.

Monday, we saw the release of German IFO expectations, current assessment and business climate figures for March, all better than expectations and the previous figures. The outperforming IFO figures provide DAX some support.

At present, the trend remains bullish. However, the price is currently nearing the near-term major resistance level at 12100, where the pressure is heavier. Be aware that the bullish momentum is likely to be restrained at this level.

The 4-hourly Stochastic Oscillator reading is above 80, suggesting a retracement.

The resistance level is at 12800, followed by 12100 and 12115.
The support line is at 12050, followed by 12030 and 12010.

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