Focus on the supports
The DAX® currently has the moving averages in the 12,900 range. Not only do the 55-day line, which is important in the medium term, move there, but also the average lines for the last 100 and 200 hours, i.e. factors that are more short-term relevant. This means that the consolidation that has been going on since Monday’s three-week high has significant support, which was also reinforced by the nearby seven-month uptrend. That such a consolidation was necessary at all is best illustrated by the double smoothed stochastics oscillator. The indicator measures how heavily overbought / oversold the situation is. At the moment, on a daily basis, the highest level can be observed since the end of August, when a few slightly weaker days were also observed. Below the support mentioned above, a flatter five-month uptrend would come into play, which is currently around 12,720 points. This trend line thus reinforces the support at the small gap at 12,690 and 12,727 meters. On the upside, the latest high at 13,151 points and on a closing price basis the seven-month high at 13,255 points must be overcome.
Source: Refinitiv, tradesignal
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