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DAX: Further upside potential as all eyes remain on Brussels

After a strong week that saw the German benchmark index reaching levels not seen since August, the market continues to hold onto the ground of 7300 this morning. With all eyes on Brussels today as Eurozone finance ministers gather for the third attempt this month to resolve the funding for Greece, no major movement in the market is expected before the result is announced. For now the DAX is heading higher and with the RSI above its neutrality area at 50% on the 30 min chart, it looks like the bulls have the upper hand for the time being. The main focus for the bulls will be the re-test of the upward trend line that has been supporting the market in the past five days. Should the market successfully test that level, an upside penetration of support at 7350 would expose the 7389 area. In the alternative scenario, a break below 7220 would call for 7165 and 7135. With no major economic releases scheduled for the day traders will be also paying attention to any news from across the Atlantic in regard to the fiscal cliff.

Dafni Serdari
Market Analyst
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