Markets – Macro – Technicals

DAX

This page tracks DAX (Germany) over time and different time frames. Updates, including different time frames and additional technical subsets will be notified via Twitter and Facebook.

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July 24, 2017

$DAX has broken the neckline and its flirting with complete closing the gap. The 50MA is now declining and will threaten to cross over its 100MA in the weeks to come. $DAX needs to cross these MAs or face a larger corrective as outlined last week. This negative action is consistent with the negative monthly divergence pointed out at the beginning of July (see previous).

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July 21, 2017

The Euro rose the DAX sank and is now back at support. In the olden days, before constant central bank intervention, this would have been called a topping pattern and the height of the pattern suggests downside far below the open gap. If $DAX breaks below the support line a bounce at or near gap fill is to be expected. That if there’s not another magic “save” at or near the support line:

July 17, 2017

As suggested last week $DAX would struggle with resistance at the 50MA and the .50% fib. It has since rejected this price zone after repeated attempts and has now fallen below its 100MA. A break of recent lows would target the gap fill below. Yet price discovery remains driven by central bankers as we saw again last week with Janet Yellen. The week Mario Draghi will be on tap on Thursday. His words may again influence the next big price move. We shall see.

 

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