- The MACD line is significantly above the MACD signal line
Though in the midst of a 16 day uptrend, gaining a total of 8.91%, (1,166.48 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The DAX slips 0.61% to close at 13,257 yesterday.
Having set a significant low of 15.42 a month ago, the DAX is trading 86,400% 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.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting the DAX to extend its recent losses.
Fundamental indicators – Germany Unemployment Change beat analyst expectations of 15,000 and the previous reading of 13,000 with new data of 8,000.
In the meantime, negative performances are also seen in other markets, Hang Seng lost 3.15% yesterday and closed at 15,827. S&P 500 lost 2.5% yesterday and closed at 3,856. ASX 200 lost 1.84% yesterday and closed at 6,986.7.
Upcoming fundamentals: Euro Zone ECB President Lagarde speech will be released tomorrow at 09:30 UTC.