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DAX: Too many resistances

The German stock market was not able to overcome the psychological price level at 10,000 again.

bg_frankfurt_financial_district_1530935
Source: Bloomberg

The German stock market was not able to overcome the psychological price level at 10,000 again. After this recent disappointment the DAX has moved downward. The next technical target price is the Fibonacci retracement (61.8 per cent) at 9741. Below this support the lower trend line of the downward trend channel at 9150 could be tested.

We see five different resistances on the way upward. The first one is the mentioned psychological level at 10,000. The falling 200 days weighted moving average at 10,009, the Fibonacci level at 10,065 (50.0 per cent), the former short-term upward trend at 10,072 and finally the upper trend line of the downward trend channel at 10,130 could make some problems again.

German stock market DAX on daily basis

DAX_052016
Source: IG charts

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