DAX Market Review, October 2018
DAX was trading in a range again last month and ended -1% on monthly basis.
DAX Market Review, October 2018
DAX was trading in a range again last month and ended -1% on monthly basis. DAX is currently below both EMA6 and EMA12 on the monthly chart. The shorter EMA6 is 1point above the longer EMA12, the trend is still barely up based on this trend strategy. DAX is also on the long term time frame still in a advancing trend channel, although the channel floor is close at 11950
The first more important support is at 12000 and the first more important resistance is at 12850. It would be bearish if DAX closed this month below 12000 since it could trigger a bigger decline.
Long-term resistance levels: 12850, 13500
On the weekly chart, the mid term time frame, DAX broken the advancing trend channel at the beginning of last month. DAX has now also made a series of lower lows and the weekly MA20 is now first resistance. The mid term time frame is declining based on this measurement/strategy although DAX has been able to stay above the yearly low. If area 12000 gives in, need to be careful on the long side.
Resistance levels: 12500, 12850, 13150, 13500
On the daily chart, DAX is above its 20 day moving average. The index is in a declining trend channel and also MA20 is declining. There are severl resistance levels above but overall picture on short term is carefully bullish when DAX is above MA20.
Summary of technical indicators are mostly in strong sell mode. Also last month 21 stocks were declining and only 9 advancing.
DAX underlying stocks performance during the last month. Commerzbank was leading advancer
DAX McClellan oscillator dropped below zero line. This was last time a sign of warning that more declines was ahead.
Historically the upcoming weeks for the DAX index, many weeks have ended in green.