DAX downward correction continues

At the beginning of April the DAX started a downward correction. 

The support at 9425/9426 was broken down, but this was not the end of the consolidation.

The increasing moving average (weighted 200 days) at 9345 and the lower trend channel line at 9325 were broken down too. The short-term technical situation does not look very good now. The Fibonacci-Retracement at 9220 has been successfully tested in the last few days. The mentioned trend line at 9425/9426 and the moving average are now strong resistances.

After a pullback the DAX might continue the short-term correction to the support zone at 9027/9070. This assumption is supported by a sell signal of the indicator MACD.

The medium-term outlook is not so bad. On weekly basis the DAX is trading slightly above the lower medium-term trend channel line at 9305. For further development of the index a closing price on weekly basis above this level would be important. The next target price is the mentioned trend line at 9425/9426. 

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