DAX: A lot of resistances

The trend line at 8952/8982 is very important for the further development of the German stock market. 

Source: Bloomberg

At a closing price of approximately 9070 at the end of October the mentioned trend line would be defended on all time levels.

But a lot of resistances are still waiting in the daily chart. These are the Fibonacci retracements at 9124 and 9306, the weighted moving averages (50 and 200 days) at 9110/9456 and finally the trend line at 9425.

The DAX has got quite a few problems with the first resistance, the mentioned Fibonacci level at 9124. Currently the German stock market is trading only a few points above the trend line at 8952/8982. Below this price level the DAX would generate a new sell signal. The low at 8350 could be the technical target price again. 

German stock market DAX on daily basis

IG Charts

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.