- The DAX's upper Bollinger Band® is at 16,000 which indicates a further downward move may follow.
While the DAX is in the midst of a 10 day up trend, Bucking the trend and turning lower, the DAX is down to 15,782, after ending yesterday at 15,872. Overall, a 0.57% loss or 89.83 points today.
The index has been trending positively for about a month. The DAX hit a significant low of 15.42 around 7 months ago, but has since recovered 102,832%.
DAX's upper Bollinger Band® is at 16,000 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the DAX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the DAX is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – Germany GfK Consumer Climate (May) released today at 06:00 UTC with a figure of -25.7, while the previous figure was -29.3.
In the meantime, negative performances are also seen in other markets, S&P 500 closed at 4,071.63 (down 1.58%). Nasdaq slumps 1.98% to trade around 11,800. Dow Jones stumbles 1.02% to trade around 33,531.
Upcoming fundamentals: France Jobseekers Total projected to come out at 2.79 million — worse than previous data of 2.78 million; data will be released today at 10:00 UTC.