DAX: Last resistances in the focus

The German stock market has shown a good performance in the recent weeks.

bg_german_stock_exchange_1369821
Source: Bloomberg

Some resistances were broken up. These were the Fibonacci retracement at 9124 and 9305 and the weighted moving average (50 days) at 9116. The last one caused some problems. But this resistance was broken up too.

The DAX has now reached the trend line at 9425 and the weighted moving average (200 days) at 9444. Above the aforementioned resistances the technical improvement could continue to the trend line at 9795/9794.

If the German stock market is unable overcome the resistances at 9425/9444 a test of the Fibonacci retracement at 9305 would be possible. Further supports are the Fibonacci level at 9124 and the weighted moving average (50 days) at 9128. 

German stock market DAX on daily basis

Daxchart07112014
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.