DAX: First technical damage

Regarding the announced sanctions against Russia the German stock market is under pressure again. 

German stock market DAX on daily basis / IG Charts

The trend line at 9631/9647 points and the lower trend channel line at 9620 points were broken down. Currently the DAX is trading below the 200-days moving average (simple and weighted). The current correction continues. The trend line at 9425 points could be the next target.

The Bollinger bands and the Relative Strength-Index (RSI) show an oversold situation on daily basis. A Countermovement to the mentioned lower trend channel line and the horizontal trend line would be possible.

On the daily chart we see the first technical damage. Another problem is the seasonal weakness in the summer, especially in the months of July to September. In the past decades the DAX lost value during this period. 

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