DAX 30 : The consolidation can continue Date of analysis 21 November 17

21 November 2017, 13:12
Dragan Drenjanin

Opinion Short Term Neutral
Resistance 1 13365.1PTS
Support 1 12636.69PTS
Opinion Mid Term Bullish
Support 2 12454.58PTS
Resistance 2 13729.3PTS

Last price 13058.7 PTS
MACD 27.06
MA 20 13183
MA 50 12930.84
Stochastic 27.34
RSI 48.69

Market Dynamics Technical Analysis

As long as 13729.3 PTS continues to be a resistance, the movement may join 12636.69 PTS over the short term. The surpassing of 13729.3 PTS would invalidate this opinion and open the door for 13911.41 PTS.

The MACD is positive but lower than its signal line. The dynamic in progress has been interrupted. If the MACD were to turn negative, the price correction could continue. The RSI value is less than 50: this confirms the weakness of prices. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are less than the average volumes over the last 10 days.

After a recent high at 13478.9 PTS the index corrected towards the 50-day moving average 12930.84: the price reaction on this level allows us to envisage a continuation of this movement in the medium term. The first buy points (or short-term supports) are at 12636.69 PTS and 12454.58 PTS. The resistances are at 13365.1 PTS and 13729.3 PTS.

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