Soil Formation, Resistance & Gap

DAX in the name of the purchasing manager indices

 

Well cushioned down, capped to the top. So you can briefly outline the current chart technical situation in the DAX 30. The 10,387 still work as sustainable soil formation. This prevented another sale at the beginning of the year and provided a gratifying January rally. However, the German leading index recently lost its breath after this intermediate sprint. At 11,322, he bit his teeth repeatedly. The Upper Bollinger Band made the upward movement more difficult. Currently, it tends to 11,360 counters. Since 25.01.19, a small downtrend has also developed. Should the DAX 30 continue to show weakness today, then even a "gap-closing" at 10.929 could quickly become an issue. The market technology is still surprisingly neutral. Neither trend followers nor short-term indicators deviate from their neutral indication. On closer inspection, the candlesticks will fit into this picture. A relatively large number of "dojis" within a short time also testify to a wait-and-see, but slightly downward-pointing chart technique. From a fundamental point of view, one may at best expect a stalemate today. Today's day is dominated by purchasing managers' indices. In Germany, an increase is expected. Declines in both the US and Europe. Caution is therefore appropriate. The resistance at 11,322 seems manifested until further notice. The support at 10.929 (gap closing) could be started quickly. If this breaks, then the medium-term target at 10,387 is to be defined.

 

 

Downtrend (since June 2018) continues

Short-term gap closing at 10,929 possible

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