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DAX back on the bearish track - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The German DAX fell alongside with all major European indexes, ending the day down by 1.81% at 9,581.04. The decline was led by commodity-related equities as oil prices came under renewed selling pressure.

    The benchmark fell further lower after the close as Wall Street sunk, and hovers around 9,490 ahead of the Asian session opening.

    DAX technical view

    “The daily chart shows that the index fell sharply after faltering around a strongly bearish 20 SMA, and is back on the bearish track, given that the technical indicators have retreated from their mid-lines, and maintain their bearish slopes”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the index is below a now bearish 20 SMA, while the technical indicators present limited bearish slopes within negative territory. The immediate support comes at 9,410 with a break below it opening doors for a retest of January low at 9,256.”

    Support levels: 9,410 9,335 9,256. Resistance levels: 9,559 9,633 9,718.
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