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February 28, 2023
- The MACD is significantly below its signal line, which suggests the market is running out of bearish momentum and could revert to a positive outlook as bulls regain control.
- The lower Bollinger Band® is currently at 15,165 while the higher band is at 15,619
While the DAX was in the midst of a 7 day downtrend— in which it lost a total of 0.98%— A possible reversal detected from yesterday; the DAX ascends 1.13% to close at 15,381 yesterday.
The index has been trending positively for about 2 months. The DAX hit a significant low of 15.42 around 5 months ago, but has since recovered 98,536%.
With regards to technical trend indicators, chart analysis show that the MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. According to asset volatility analysis, the DAX's upper Bollinger Band® is at 15,619, this is a slight indication of a slowdown.
With market volatility ebbing, the current technical outlook indicates the DAX will remain range-bound for the immediate future.
Other markets are also showing gains as CAC is trading around 7,295.55 after ending yesterday's session at 7,187.27 (up 1.51% today). EuroSTOXX added 1.66% and closed around 4,178.82 yesterday. Notably, FTSE rose 0.72% yesterday and closed at 7,878.66.
Upcoming fundamentals: as things stand, upcoming Germany Unemployment Change data is projected to fall short of market expectations with newly published data of 9,000, following on from the preceding figure of -15,000. New data is set to be published tomorrow at 08:55 UTC.
