DAX: Waiting for the countermovement

In the past few days the downward momentum has been accelerated. As a result the trend line at 9425 points was broken down. Currently the German stock market is oversold. But the investors are still waiting for a countermovement. 

Quelle: Bloomberg

Currently the support at 8952/8982 points is being tested. Below this mentioned price level we will see new sell signals on the daily, weekly and finally on monthly basis. The trend line at 8500 points would be the next target price.

Another opportunity is a successful test of the support at 8952/8982 points. In this case an expected countermovement would be possible in direction of the new resistance at 9425 points. 

German stock market DAX on daily basis

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