The Germany 30 (DAX) Index began losing momentum early this month on the 10th as it failed to recapture the 3rd of September highs (13461.8). Widely used indicators remained more or less neutral during last week, with a slight bearish slant to them towards the close. During this morning’s European session the DAX has broken through its 50 period Daily moving average and is now testing multi-year inside trend line and rising wedge support at (1) which has formed nicely over the past 4 months.
A break, hold and close on the Daily time frame below dual support at (1) will most likely lead to increased selling pressure with 12698.5 in view as the next support level of interest followed by 12670s over the coming days.
A break, hold and close on the Daily time frame below dual support at (1) will most likely lead to increased selling pressure with 12698.5 in view as the next support level of interest followed by 12670s over the coming days.