Tracking Dax in the box

After a failed breakout last month, the Dax30 is back in a trading range between 15000 and 15750. Last week the index was at the top end of this range. (Click here for previous post: https://www.claritech.app/post/dax-30-back-in-the-box)

Prices fell this week, bounced off the lower end of the range and closed at 15350. The uptrend is intact currently and until this changes, price movements are likely to have an upward bias. Another attempt at breaking out of the trading range could indicate underlying bullishness. So, back to the top? That's uncertain. The RSI (Relative Strength Index) remains weak. The index is trading below its 50 and 100 day averages and is likely to face selling pressure as prices rise. On the downside, near term support continues to remain between 14500 and 15000 (200 day average), below which the sentiment is likely to turn bearish.