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May 05, 2023- Upper Bollinger Band® currently at 16,070
Maintaining its 12 days rise (+774.77 points), Consistent for now — after closing the previous trading day at 15,734, the DAX is up to 15,838, which makes for a move of 0.66%/103.34 points today.
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 101,938%.
Bollinger Band® analysis indicates that current price action is approaching the upper band at 16,070, thereby suggesting that DAX is becoming overvalued.
Despite basking in an uptrend and bullish intraday sentiment, chart analysis indicates the DAX is set for a reversal in the coming days.
Fundamental indicators – Euro Zone Interest Rate released yesterday at 12:15 UTC with a figure of 3.75, while the previous figure was 3.5.
Other markets are also showing gains as ASX 200 is up 0.37%.
At the same time, Dow Jones closed at 33,128 (down 0.86%). S&P 500 is down 29.53 points from the beginning of the session and now trades around 4,061.22.
Upcoming fundamentals: Euro Zone CFTC EUR speculative net positions is scheduled for today at 20:30 UTC.
