DAX: The next correction

The German stock market could not jump significantly over the Fibonacci retracement (23.6 per cent) at 11,700 and the price level at 11,800 in the middle of July.

Source: Bloomberg

The logical consequence was a further consolidation.

Due to this the support at 11,454/11,467 was broken down. Currently the DAX is trading below the retracement (38.2 per cent) at 11,250.

Below this support on closing price the next target would be the psychological level at 11,000. Further supports are the exponential 200 days moving average at 10,947 and the simple 200 days moving average at 10,841.

German stock market DAX on daily basis

Source: IG charts

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