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May 31, 2023
- The DAX's upper Bollinger Band® is at 16,154 which indicates a further downward move may follow.
The DAX is down to 15,866, after ending yesterday at 15,900. Overall, a 0.27% loss or 34.02 points today.
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 103,071%.
DAX's upper Bollinger Band® is at 16,154 which indicates a further downward move may follow.
Overall, the technical analysis landscape suggests that on the balance of probability, the DAX is expected to maintain its bearish bias.
Fundamental indicators – Germany Unemployment Change came out at 9,000, better than analyst estimates of 14,000 and improving upon the previous reading of 23,000.
In the meantime, negative performances are also seen in other markets, ASX 200 is down 118 points from the beginning of the session and now trades around 7,091.3. After ending yesterday's session at 18,600, Hang Seng lost 365.73 points and is trading around 18,234. After ending yesterday's session at 31,328, Nikkei lost 428.16 points and is trading around 30,900.
Upcoming fundamentals: Germany Consumer Price Index figure is projected at 0.6%. It previously stood at 0.4%; data will be released today at 12:00 UTC.
