- The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control.
- The DAX's upper Bollinger Band® is at 14,570 which indicates a further downward move may follow.
While on a 6 day downtrend, dropping a total of 1.49%, More of the same today: the DAX is down to 14,300, after ending Friday at 14,371. Overall, a 0.4% loss or 70.72 points today.
The index has been trending positively for about 2 months. Having set a significant low of 15.42 2 months ago, the DAX is trading 93,100% higher.
Trend analysis indicates that the MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. Analysis based on the asset volatility indicates that the DAX's upper Bollinger Band® is at 14,570 which indicates a further downward move may follow.
Overall, the technical outlook suggests the DAX is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Hang Seng is down to 19,464, losing 436.37 points, after closing at 19,900 in the preceding trading session. Dow Jones closed at 33,476 (down 0.9%). KOSPI Composite Index closed at 2,373 (down 0.67%).
Upcoming fundamentals: Germany ZEW Economic Sentiment Index figure is projected at -26.4. It previously stood at -36.7; data will be released tomorrow at 10:00 UTC.