DAX: Problem with the psychological price level

Due to the decision of the Federal Reserve the German stock market opened above the psychological price level at 10,000 today.

bg_dax_1369829
Source: Bloomberg

But this resistance was too hard again. To continue the current countermovement a closing price above the mentioned level would be necessary. Currently the DAX is making a step backwards.

The next support is the 38-day-exponential moving average (EMA) at 9681. Then the lower trend line of the downward trend channel at 9300 could be the technical target.

Above the price level at 10,000 and the falling 200-day-weighted moving average (WMA) at 10,058 would be an important step. But this does not change the intact downward trend.

German stock market DAX on daily basis

DAX_031716
Source: IG charts

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