- The MACD line is significantly above the MACD signal line
- Upper Bollinger Band® currently at 14,800
12 days and 695.95 points of gains were not enough. Yesterday's session pointed in the same direction — the DAX rose 200 points to close at 14,800 yesterday which makes for a move of 1.25%.
The DAX is up 94,647% from the significant low of 15.42 it hit 3 months ago.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger Band® analysis indicates that current price action is approaching the upper band at 14,800, thereby suggesting that the DAX is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the DAX.
Fundamental indicators – Euro Zone Unemployment Rate came out at 6.5, marking no change from preceding figure.
Other markets are also showing gains as EuroSTOXX increases 1.26% yesterday and closed at 4,017.83. Nikkei is trading around 26,176 after ending yesterday's session at 25,974 (up 0.78% today). CAC goes up 0.68% yesterday and closed at 6,861.
Upcoming fundamentals: Euro Zone ECB's Schnabel speech is scheduled today at 10:10 UTC.