The major European indices are ending the day mostly higher. The exception is Spain's Ibex. The German DAX has rebounded from yesterday's sharp fall after the index reached a new high going back to January 2022.
A snapshot of the closing levels shows:
- German DAX rose 88.12 points or 0.56% at 15815 .07
- Frances CAC rose 20.63 points or 0.28% at 7403.84
- UK's FTSE 100 rose 15.35 points or 0.20% at 7788.38
- Spain's Ibex fell -5.28 points or -0.06% at 9076.71
- Italy's FTSE MIB rose 180 points or 0.67% at 26810
Looking at the daily chart of the German DAX, the price high yesterday reached 16011.56. That was the highest level going back to January 2022. The break failed. However, on the downside, the index continues to stall yesterday low floor area.
The low prices over the last week have stalled near 15694.36 and 15707. If you go back to the swing high from March 7, the high price on that day reached 15706.37.
It would take a move below that floor level to increase the bearish bias. Absent that that the buyer still remain in control even though the upside momentum is limited so far.
