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DAX: Countermovement with a little break

Due to the successful test of the support at 8952/8982 the German stock market is in a countermovement. 

bg_frankfurt_business_district_1422983
Source: Bloomberg

Since beginning of August the DAX has won approximately 700 points. The resistance at 9425 was broken up.

In the recent days the German Blue Chip stocks has reached some important resistances. These are on daily basis the moving weighted average (200 days) at 9583 and the Fibonacci Retracement at 9615. At these price levels the countermovement has stopped. A pullback to the Fibonacci Retracement at 9479 is now possible.

A new buy signal is still far away. On daily basis we see further resistances with the horizontal trend line at 9631/9647, the former upward trend line at 9770, the Fibonacci-level at 9784 and finally the trend line at 9794/9795. At this moment the technical recommendation is neutral. 

German stock market DAX on daily basis

Daxchart28082014
IG Charts

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