27 November 2017, 14:01
Dragan Drenjanin

DAX 30 : The consolidation can continue
Date of analysis 27 November 17

  • Opinion Short Term Neutral
  • Resistance 1 13366.43PTS
  • Support 1 12486.2PTS
  • Opinion Mid Term Bullish
  • Support 2 12310.15PTS
  • Resistance 2 13542.48PTS

As long as 13542.48 PTS continues to be a resistance, the movement may join 12486.2 PTS over the short term. The surpassing of 13542.48 PTS would invalidate this opinion and open the door for 13718.53 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 12978.71: 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 12486.2 PTS and 12310.15 PTS. The resistances are at 13366.43 PTS and 13542.48 PTS.
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