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DAX latest decline confirms bearish bias

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    European equities fell strongly this Tuesday, tracking Asian shares' losses and after a series of disappointing European economic figures. The German DAX fell 251 points or 2.63% to close at 9,563.36, weighed by data showing industrial orders in the EU's largest economy fell in February by 1.2%, as foreign demand weakened, whilst the final local services PMI for March printed 55.1 against 55.5 previous.

    DAX technical perspective

    “The German benchmark fell to its lowest since March 10th, confirming, with this latest decline, a bearish trend,” said Valeria Bednarik, chief analyst at FXStreet. “Technically, the daily chart supports a downward continuation as indicators maintain their strong bearish slopes after breaking below their mid-lines, while the index has now moved far away below its 100 and 200 SMAs, and the 10,000 figure.”

    “In the shorter term, the index is also biased lower, as the technical indicators are currently consolidating within oversold levels as the benchmark pressures its lows, while developing below all of its moving averages,” Bednarik added.

    Support levels: 9,507 9,430 9,348. Resistance levels: 9,618 9,693 9,765.
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