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March 16, 2023
- 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.
- Lower Bollinger Band® at around 14,961
The DAX has lost 5.87% over the last 6 days. Yesterday's session continued down the same path: the DAX falls 3.27% to close at 14,735 yesterday.
After hitting an important low of 15.42 approximately 5 months ago, the DAX has bounced back 98,700% since.
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. Bollinger Bands® shows an indication of recovery: the lower band is at 14,961, a low enough level to, generally, suggest that the DAX is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems the DAX is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, FTSE lost 3.83% yesterday and closed at 7,637. After ending yesterday's session at 7,141.57, CAC lost 255.86 points and is trading around 6,885.71. EuroSTOXX dips 3.46% yesterday and closed at 4,179.47.
Upcoming fundamentals: Euro Zone Deposit Facility Rate (Mar) is scheduled for today at 13:15 UTC.
