Although the main European indices end the day with declines, the closes are closer to the highs of the day.
- German DAX -0.08%
- CAC France -0.09%
- UK FTSE 100, -0.16%
- Spanish ibex -0.11%
- Italian FTSE MIB, -0.03%
Looking at the German DAX on the hourly chart below, price broke back below its 100 hourly moving average (blue line in the chart below) today and tried to stay below that level for most of the trading day.
However, the rise in the last hour of trading has brought the price back above this moving average line and towards a descending trendline. Buyers and sellers clash. A return above the descending trendline would shift the bias to the upside in tomorrow’s trading. Conversely, a move back below the 100 hourly moving average could lead to bearish momentum again.
The index is on a knife edge from a technical perspective due to the top-to-bottom consolidation seen over the past few days.