DAX: Rebound to continue
After four consecutive days of losses the German Dax is in bounce mode this morning with the index turning back to positive territory. At 7231 at the time of writing the market looks set to grind higher. With an upward trend line capping RSI on the 30 min chart, the technical set up favours further the bullish outlook. The upside penetration of resistance at 7250 would expose the 7280 level, where some consolidation is expected. Only a break below key support at 7105 could delay the bull run. On the economic front, the focus during European hours will be on the earnings release of German, French and Swiss companies. Lots of data are out from across the Atlantic with the US Jobless Claims and US Pending Home Sales among the most notable.
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