DAX: Tough resistance in the focus

Due to the successful test of the important support at 8463/8486 the German stock market has started a countermovement.

bg_dax_122082
Source: Bloomberg

Target was the trend line at 8982/8952. This price level has been achieved. But the bulls have got some problems with this new resistance.

The investors are still waiting for a technical decision. Above the trend line at 8982/8952 the German stock market could continue the improvement to the moving average at 9475. Above the moving average the next target would be the trend line at 9795/9794.

Some indicators are currently neutral or have generated sell signals. Furthermore the is trading below the weighted moving average (200 days). And so it is difficult to break up the mentioned resistance. A further test of the support at 8463/8486 is possible. 

German stock market DAX on weekly basis

DAX_UPDATE_23.10.2014_11Uhr
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