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Hugo in HTO Trading,

DAX 30: At year high

Since the beginning of the year the index gained almost 2.0% although last week fell more than 0.5% but remains in a bullish phase since early November.

Last week the German index fell with a narrow range and closed near the low of the week, but managed to close within previous week range, which suggests being slightly on the bearish side of neutral.

The stochastic is showing lack of momentum although is still above the 50 mid line.

Expecting an upward move to a weekly resistance at 11,123 (scenario 1) on break above the previous week high at 10,798 however a break below the key weekly resistance at 10,457 could drag the index down to a weekly support at 10,055 (scenario 2).