Closing Bell | The DAX forecast to explore further downside

• The MACD line is significantly above the MACD signal line
• The DAX's upper Bollinger Band® is at 16,300 which indicates a further downward move may follow.

The DAX stumbles 0.13% to close at 16,300 yesterday.

The index has been trending positively for about 2 months. The DAX hit a significant low of 15.42 around 8 months ago, but has since recovered 105,677%.

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 16,300 which indicates a further downward move may follow.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for the DAX.

Fundamental indicators – Euro Zone Deposit Facility Rate (Jun) released yesterday at 12:15 UTC with a figure of 3.5, while the previous figure was 3.25.

Positive performances can be seen by looking at other markets as Hang Seng surges 2.17% yesterday and closed at 19,400. Dow Jones ascends 1.26% yesterday and closed at 33,979. S&P 500 ascends 1.22% yesterday and closed at 4,372.59.

Upcoming fundamentals: Euro Zone Consumer Price Index is expected today at 09:00 UTC.