Although the major European indices are closing the day with declines, the closes are nearer the highs for the day.
- German DAX -0.08%
- France's CAC -0.09%
- UK's FTSE 100, -0.16%
- Spain's Ibex -0.11%
- Italy's FTSE MIB, -0.03%
Looking at the German DAX on the hourly chart below, the price today moved back below its 100 hour moving average (blue line in the chart below), and tried to stay below that level for most of the trading day.
However, the rise in the last hour of trading, took the price back above that moving average line and toward a downward sloping trendline. Buyers and sellers are battling it out. A move back above the downward sloping trendline, would tilt the bias back to the upside in trading tomorrow. Conversely moving back below the 100 hour moving average could see more downside momentum once again.
The index sits on the knife edge from a technical perspective as a result of the up-and-down consolidation seen over the last few days.
