The leading German index will test its 200-day line again today. This tends to 12,153 points. Before the exchange, he noted almost 200 points above. The market technology is neutral. This applies to both the short-term and trend-following indicators. After the opening gap on June 16, four thin candle bodies (daily basis) followed in a row. This indicates a weakening dynamic and a possible sideways phase. The “Ichimoko Kinko Hyo” indicator (IKH) is no longer as neutral as yesterday. However, it does not yet generate a signal. Negotiating the 200-day line could lead to a gap close at 11,968 points relatively quickly. However, the second cloud of the IKH indicator is very pronounced. A massive drift of the prices on Tuesday is therefore currently not expected from this side. The signs are therefore still on consolidation. Not too unusual after last week’s positive trend. Profit-taking and hedging are nothing unusual in the current market environment. The daily range will therefore initially fluctuate between 12,319 and 12,151. Stops should not be drawn until 11,968. There are many signs of a sideways trend. Fundamentally, the German purchasing manager index is expected to rise. No forecasts are yet available for EU consumer prices and US consumer confidence. All in all, the DAX 30 will therefore present itself sideways today. The 200 day line acts as a good signal generator. The mark at 11,968 as a good hedge level. Day candles and Ichimoku currently offer a good “compass”.
– Next technical chart resistances: 12.471, 12.913
– Next important chart support: 12.141, 11.968, 11.828, 11.625
– Upper Bollinger band: 13,074, middle Bollinger band: 12,095 and lower Bollinger band: 11,116
– 100-day line: 11,394 and 200-day line: 12,153 and: 38-day line: 11,521
– Indicators: MACD: neutral | Slow stochastics: neutral | RSI: neutral | Momentum: weaker
– Ichimoku Kinko Hyo: neutral
– Volatility (VDAX-NEW): 36.44
– The opening at 9:00 a.m. is expected at around 12,370
– (Trailing) stop loss: 12.141, 11.968, 11.828, 11.625
Primary trend (long-term): Higher sideways market
Secondary trend (medium term): 12,471 – 11,968
Tertiary trend (today): Test of the 200-day line
Superordinate sideways development
Disclaimer: The text is a column of the Martin Utschneider, Head of Technical Analysis Personal-Financial.com Markets at Donner & Reuschel. The content of the column is not the responsibility of 4investors and therefore does not have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!
At a glance – chart and news: DAX stock index