DAX 30

DAX 30

4 December 2017, 08:59
Dragan Drenjanin
0
27

DAX 30 : Under these resistances, a consolidation is likely

Date of analysis 04 December 17




INDICATOR

  • Opinion Short Term Negative
  • Resistance 1 13541.54PTS
  • Support 1 12656.7PTS
  • Opinion Mid Term Neutral
  • Support 2 12509.23PTS
  • Resistance 2 13689.01PTS

STRATEGY
Below 13541.54 PTS the major trend remains bearish 12656.7 PTS and then 12509.23 PTS are in the line of sight. The surpassing of 13541.54 PTS would cancel this anticipation and favor a recovery toward 13689.01 PTS.

SUMMARY
The MACD is negative and lower than its signal line. This configuration is damaging the index perspectives. The RSI is not yet indicating an oversold situation, so a continuation of the fall is technically possible. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

MOVEMENTS AND LEVELS
The bullish movement seems to have stopped. The index is under its 50-day moving average located at 13023.85. The first support is at 12656.7 PTS and, in the event of a breach of this level, a continuation of the correction towards 12509.23 PTS is possible; to the upside, the first resistance is at 13541.54 PTS, then the strongest level is at 13689.01 PTS.
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