- The MACD line is significantly above the MACD signal line
- The lower Bollinger Band® is currently at 11,900 while the higher band is at 12,950
The DAX is on an 8 day uptrend, gaining a total of 5.59%. Today's session so far looks to be heading in the same direction — after closing the previous trading day at 12,731, the DAX is up to 12,853, which makes for a move of 0.96%/121.7 points today.
The DAX is now trading 82,461% above the significant low (15.42) it slumped to a month 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 12,950, thereby suggesting that the DAX is becoming overvalued.
Technical analysis suggests there could be an imminent reversal for the DAX.
Fundamental indicators – Euro Zone Composite PMI came out at 47.1, while a consensus of analysts was expecting 47.5.
Other markets are also showing gains as having closed the previous session at 30,334, Dow Jones is up 2.47% today to currently trade at around 31,083. S&P 500 added 2.37% to its value, now trading at 3,752.75.
At the same time, Hang Seng is down to 15,181, losing 1,019.31 points, after closing at 16,200 in the preceding trading session.
Upcoming fundamentals: Germany Business Climate Index projected to decline to 83.3 while previous data was 84.3; data will be released tomorrow at 08:00 UTC.