DAX: Furthermore in the downward trend channel

The German stock market has tried non-successfully to overcome the upper trend line of the downward trend channel.

Source: Bloomberg

Currently the DAX is trading below the mentioned trend line at 10,350. This could be the beginning of an overdue correction in the direction of the former intersection-resistance at 10,065/10,000.

A closing price on weekly basis would be necessary to continue the upward movement. But this is not the only resistance on its way North. The former upward trend line at 10,790 and the outer downward trend line at 10,870 could make some problems. Above these resistances the intermediate high at 11,435 would be the next technical target price.

German stock markets DAX on daily basis

Source: IG charts

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