The major indices in Europe are closing with gains on the day, and also close higher for the week despite all the anxiety from the Russian/Ukraine war.
A look at the major indices shows:
- German DAX, +1.38%
- France's CAC, +0.85%
- UK's FTSE 100 +0.80%
- Spain's Ibex, +0.9%
- Italy's FTSE MIB +0.68%
For the trading week the major indices all recovered and closed with gains. Recall:
- German DAX, +4.07%
- France's CAC, +3.28%
- UK's FTSE 100, +2.31%
- Spain's Ibex, +5.46%
- Italy's FTSE MIB +2.67%
Looking at the German Dax hourly chart below, the week started with the pair trading at the lowest level since November 9, 2020. That low reached 12438.85.
However the price started to move higher and reached a week high price today of 13943.97.
The last three hours have pushed the price back below its 100 hour moving average at 13661.26 which took away some of the bullish bias from the move to the upside. However the price is not trading that far away from that moving average.
The this essay the 100 hour moving average will be a risk and bias defining level going into the new week. Move above and the bias tilts a little more to the upside. Move below and the sellers are more in control.