- Medium-term trend indication turns negative after MACD index generates a crossover sell signal
- The DAX's upper Bollinger Band® is at 15,700 which indicates a further downward move may follow.
The DAX has been losing ground for 4 days, shedding a total of 1.66% of its value. More of the same today: the DAX ended yesterday's trading session by losing 1.53% and is now trading at 15,400.
The index has been trending positively for about 2 months. The DAX is up 101,283% from the significant low of 15.42 it hit 5 months ago.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. The DAX's upper Bollinger Band® is at 15,700 which indicates a further downward move may follow.
In the short term, the DAX is expected to maintain its recent downtrend and continue spiralling lower.
Fundamental indicators – Germany Consumer Price Index released today at 07:00 UTC with a figure of 8.7%, while the previous figure was 8.7%.
In the meantime, negative performances are also seen in other markets, ASX 200 closed at 7,144.7 (down 2.28%). Hang Seng dips 3% to trade around 19,330. Dow Jones drops 1.66% to trade around 32,255.
Upcoming fundamentals: Euro Zone ECB President Lagarde speech is scheduled today at 15:00 UTC.