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April 25, 2023- The MACD line is significantly above the MACD signal line
- Bollinger analysis indicates upper Band® is at 15,975
In the midst of a 9 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — the DAX moves 0.11% to close at 15,864 yesterday.
The index has been trending positively for about a month. The DAX hit a significant low of 15.42 around 7 months ago, but has since recovered 102,900%.
The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. The DAX's upper Bollinger Band® is at 15,975, suggesting that a downward move may follow.
According to technical indicators, the DAX is positioned for a downward move in the short term.
Fundamental indicators – Germany Business Climate Index fell short of the 94 projections, with new data of 93.6.
While the DAX was pretty flat yesterday, mixed performances were seen elsewhere as Hang Seng goes down 0.58% yesterday and closed at 20,076. Nikkei climbs 0.36% yesterday and closed at 28,600.
Upcoming fundamentals: Germany GfK Consumer Climate (May) is scheduled for tomorrow at 06:00 UTC.
