DAX and UK FTSE, price activity, analysis, and current trend. It should have been positive to see the German DAX index make a solid comeback over the last two weeks.
DAX and UK FTSE indices give a neutral picture
NEUTRAL – DAX TECHNICAL PREDICTIONS
The German DAX index’s significant recovery over the previous two weeks could have been promising for bulls. The indicator might not be ready for a bullish break yet. Though. In other words, the current slanting price movement could persist in the meantime.
The indicator currently tests a fairly strong cap at the March high of 15706 after increasing by almost 8% since late March. This comes after a recovery last month from a rather firm merged buffer made up of the end-2022 peaks. The 89-day moving average and the lower portion of the Ichimoku cloud on the daily graph. The candlestick charts, nevertheless indicate that the index is still in a period of recovery that began in late Feb.
Additionally, the negative split on the weekly graphs (escalating index with a falling pace) shows that the two-week rally is waning. The threshold for the index’s definitive breach over the key cap is raised by this gap. The recent stabilization and sideways band may persist. Even though this does not indicate that the overall upswing is changing.
NEUTRAL FTSE TECHNICAL PREDICTIONS
The 89-day moving average, the bottom edge of the Ichimoku cloud on the daily graph. Which is close to the January low of 7708. That is a crucial cap that the UK FTSE 100 index is approaching. Importantly. Even though the trend of rising appears to have resumed for the time being. The Moving Average Confluence indicator is still solidly bearish.
This comes after a sharp decline from the 2018 high of 7904, which was close to a significant hurdle. Sending the index lower to the 200-day moving average. The recent recovery is corrective, and for the uptrend to restart, FTSE would have to cross through the nearby barriers between 7650 and 7710. However, the hurdle for the UK benchmark index to maintain its two-week recovery is currently quite high.
