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April 04, 2023- The DAX's upper Bollinger Band® is at 15,774 which indicates a further downward move may follow.
Though in the midst of a 3 day uptrend, gaining a total of 4.15%, (669.37 points), The prevailing bullish trend is beginning to fade following yesterday's downbeat session. The DAX ended yesterday at 15,581 following from closing Friday at 15,629. Overall, this represents a loss of 47.92 points or 0.31%.
The DAX hit a significant low of 15.42 around 6 months ago, but has since recovered 101,254%.
DAX's upper Bollinger Band® is at 15,774 which indicates a further downward move may follow.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts the DAX to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the DAX is expected to attract significant bearish sentiment in the coming days.
Fundamental indicators – Spain Manufacturing PMI came out at 51.3, while a consensus of analysts was expecting 50.1.
In the meantime, negative performances are also seen in other markets, Hang Seng is down to 20,247, losing 153.08 points, after ending the previous session around 20,400.
Other assets are showing positive performances as Dow Jones went up by 0.98% yesterday, and closed at 33,600. FTSE moves up 0.54% yesterday and closed at 7,631.74.
Upcoming fundamentals: Spain Unemployment Change is projected to outperform its last figure with -200. It previously stood at 2,600; data will be released today at 07:00 UTC.
