It looks like finally there was a break above the consolidation. After 1.5 months of trying DAX broke resistance at 10,100 pts and ended session above it. However beginning of the session looked much worse. After failed meeting of oil producers on Sunday, oil started week with huge bearish gap and stopped on support at 38,00 USD. As a result of uncertainty on the markets European indices also opened with bearish gap, in case of DAX it was 120 pts below Friday’s close. Few minutes later bulls came back and gains were continued till the end of session. During the day oil also increased and the biggest impulse to DAX were gains of S&P500 which got close to important resistance at 2,100 pts.
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In the nearest days gains should be continued, the closest important resistance on DAX future is 10,280 pts and then 10,500 pts. The fate of DAX will be settled after Thursday’s ECB meeting, but everything indicates that Draghi will not let bulls down.
