DAX: Correction is finished

The German stock market has started a correction last week. 

bg_german_stock_exchange_1369821
Source: Bloomberg

Due to this consolidation the support at 9792/9795 points was reached and successfully tested. Currently the DAX is trading significantly above this mentioned level.

The correction is now finished. However the DAX is trading in a sideways movement. Above the upper resistance at 10,015/10,048 points the German blue-chips stocks would generate a new buy signal. Price target is the level at 10,650.

Below the support at 9792/9795 the German stock market has got two supports. These are the trend line at 9631/9647 and the increasing 200-day moving average (weighted) at 9623.  

DEM_Daxtageschart02072014
German stock market DAX on daily basis / IG Charts

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