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DAX as yet unable to break 9800

After spending the first four hours of trade rocketing skywards, the DAX has not found the legs to make a break through the 9800 level. 

Steelmaker ThyssenKrupp is topping the DAX, up 3.4% on reports that plans are afoot to overhaul the company and diversify away from the steel sector. 

The 50-hour moving average is proving a decent support metric, with price action remaining above the 9735 level with the 9700 level coming in below that.

The German index has now gained over 8.5% in the past month, yet the bearish divergence on the daily RSI – coupled with the fact that price action is some 13.5% above the 200-day moving average – suggests that a correction may be imminent.

The upside of the four-month bullish channel is not yet seeing a convincing challenge.

Germany 30 chart

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