DAX under pressure again

Due to the geopolitical conflicts in the Ukraine and Israel the German Stock market is under pressure again. The important support at 9792/9795 points was broken for the second time in July. 

Source: Bloomberg

A successfully test of the trend line at 9631/9647 points and the increasing 200-days-moving average (weighted) at 9660 points would be very helpful. Currently another test of the mentioned supports is running. Below this price levels the lower trend channel line at 9550 points could be the target.

Another problem is the seasonal weaknesses of the summer especially in the months from July to September. In the past decades the DAX lost value during this period.

Above the moving average at 9660 points and the trend line at 9631/9647 points a countermovement to the former support at 9792/9795 points would be possible. 

German Stock market DAX on daily basis /IG Charts

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