The DAX 30 is still in the superordinate zigzag mode. At today’s start of the week, the focus is now again on the resistance at 12,799 points. Meanwhile, the technical market indicators tend to be neutral. The MACD trend following indicator shows no discernible tendencies. The momentum, which has recently been oscillating close to zero, remains in negative territory. In addition, three trend-setting fundamentals are expected today. All purchasing manager indices (USA, Europe, Germany) are forecast to be weaker. In summary, the situation remains very volatile in the medium term. The bandwidth from 12,799 to 12,500 plays a decisive role here. The expansion of the Bollinger Bands (13,474 to 12,370) discussed last week is an indication of this. The nervousness of market participants remains. Two “Doji candlesticks” at 12,799 index counters testify to the indecision in the markets. This is due to the tense political situation in the USA and an impending second wave of infections in autumn. In addition, the upcoming new round in the Brexit negotiations is causing noticeable unrest. Hedges should therefore still be retained. An unexpected message can quickly turn back into “sales panic”. The hedge at 12,500 (neckline of the shoulder-head-shoulder formation) can then be started again very quickly. Nervousness and insecurity are breeding grounds for irrational rashes. For today’s start of the week, the daily bandwidth can be classified between 12,873 and 12,660 meters.
– Next chart resistance: 12,799, 12,873, 13,005, 13,035, 13,116
– Next important chart technical supports: 12,660, 12,500, 12,313, 12,045
– Upper Bollinger Band: 13,474, Middle Bollinger Band: 12,978 and Lower Bollinger Band: 12,370
– 100-day line: 12,566 and 200-day line: 12,173 and: 38-day line: 12,955
– Indicators: MACD: neutral | Slow stochastics: neutral | RSI: neutral | Momentum: negative
– Ichimoku Kinko Hyo: neutral
– It is expected to open at 9:00 a.m. at around 12,800
– (Trailing) stop loss: 12,660, 12,500, 12,313, 12,045 (depending on individual risk perception)
Primary trend (long-term): not yet back in the lfr. Upward trend
Secondary trend (medium term): sideways mode
Tertiary trend (today): 12,873 – 12,660
Stable start to the week – sideways mode continues for a short time
Disclaimer: The text is a column of the Martin Utschneider, Head of Technical Analysis Personal-Financial.com Markets at Donner & Reuschel. 4investors is not responsible for the content of the column and therefore does not necessarily 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 share index