The DAX 30 was little changed and price lingered above the May 6 low of 9739 at the time of writing. On price trading above the May 6 low of 9739, the trend in place since February will remain bullish.

The trend is bullish above the May 6 low of 9739 as it is the most recent swing low of a series of swing lows formed since price reached the February 11 low of 8702. The complete sequence of higher lows is 8702, 9122, 9433, and 9739. These swing lows may act as a support on the trend turning bearish. The nearest support level below the May 6 low of 9739 is therefore the April 7 low of 9433.

For now though, the trend is bullish above the May 6 low of 9739 and according to classic technical analysis, we should expect higher lows and higher highs being created in a bullish trend.

The nearest resistance level is the May 10 high of 10,111, accompanied by the April 29 high of 10,254 and the April high of 10,490.

The very short-term bias has been neutral for around two weeks as it is clear that nor bullish nor bearish traders have control over price in the interval of 9739 to 10,111. These levels are the May 6 low and May 10 high respectively.

DAX 30 | CFD: GER30