DAX: A lot of resistances

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

bg_german_stock_exchange_1369827
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

Daxchart30102014
IG Charts

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.