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

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