The major European indices are closing higher on the day. The German DAX rose 1.34% and in the process is moving further away from its 100 day moving average and helping to lead the way.
The final numbers are showing:
- German DAX, +193.72 points or 1.34% at 14653.80
- France's CAC +63.48 points or 0.98% at 6548.79
- UK's FTSE 100 +75.27 points or 1.00% at 7608.23
- Spain's Ibex +111.48 points or 1.28% at 8836.29
- Italy's FTSE MIB +399 points or 1.65% at 24565
Looking at the daily chart of the German DAX, the price action last week saw the index move above and below its 100 day moving average (blue line). At the close on Friday, the price has move back below the 100 day moving average but just barely.
Today the price gapped above that moving average line and extended to a high price of 14709.38 before rotating back down to 14653.80 at the close.
Nevertheless, the price of the index is moving away from its 100 day moving average, and closed at the highest level since March 29. The 61.8% retracement of the move down from the 2022 high comes in at 14816.88. That would be the next upside target on further momentum. Risk now is the 100 day moving average at 14459.41.
