The DAX continues to rise although consumer sentiment in Germany dropped to a new record low. Even though Wall Street closes in red as rising oil prices and rising treasury yields strengthen fears again, the DAX keeps heading higher building on gains from the previous session. With investors ignoring the weakening consumer morale, the market mood remains resilient.
Last week, the DAX fell to a low of 12830. The index is rebounding within an upward channel as the positive MACD signal is bringing optimism to the buyers who need to break 13363 to open the door to 13437. Sellers must break 13167 and continue toward 13062 to confirm the bearish momentum. Breaking 12830 and creating a lower low will assure that bears are dominating.
Key levels to watch from the upside 13363, 13389, 13437 – from the downside 13167, 13062, 12830