- The MACD line is significantly above the MACD signal line
- Upper Bollinger Band® currently at 15,979
The sentiment that generated 836.5 points in cumulative gains over the past 9 days was further evident for the DAX. Yesterday's session pointed in the same direction — the DAX rose 81.66 points to close at 15,882 yesterday which makes for a move of 0.54%.
The index has been trending positively for about a month. Having set a significant low of 15.42 7 months ago, the DAX is trading 102,338% higher.
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 15,979, thereby suggesting that the DAX is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the DAX.
Fundamental indicators – Euro Zone CFTC EUR speculative net positions released yesterday at 20:30 UTC with a figure of 164,400, while the previous figure was 163,300.
Meanwhile, Hang Seng is down to 20,076, losing 324.27 points, after ending the previous session around 20,400. KOSPI Composite Index is down to 2,544.4, losing 18.6 points, after ending the previous session around 2,563. ASX 200 is down to 7,330.4, losing 31.8 points, after ending the previous session around 7,362.2.