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May 10, 2023
- The CCI indicator stands above +100
- The DAX's upper Bollinger Band® is at 16,079 which indicates a further downward move may follow.
During a 12 day uptrend, the DAX gained a total of 996 points, or 6.22%. Bucking the trend and turning lower, the DAX is down to 15,900, after ending yesterday at 15,955. Overall, a 0.41% loss or 55.48 points today.
The index has been trending positively for about a month. After hitting an important low of 15.42 approximately 7 months ago, the DAX has bounced back 103,373% since.
Trend and momentum analysis indicates that investors are seeking long positions as DAX price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that the DAX's upper Bollinger Band® is at 16,079 which indicates a further downward move may follow.
Notwithstanding the DAX's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Fundamental indicators – Germany Consumer Price Index released today at 06:00 UTC with a figure of 0.4%, while the previous figure was 0.8%.
In the meantime, negative performances are also seen in other markets, after ending yesterday's session at 2,510, KOSPI Composite Index lost 13.49 points and is trading around 2,496.51. CAC is down to 7,353.46, losing 43.71 points, after closing at 7,397.17 in the preceding trading session.
Positive performances can be seen by looking at other markets as having closed the previous session at 12,180, Nasdaq is up 0.97% today to currently trade at around 12,300.
Upcoming fundamentals: Germany Buba Wuermeling speech is scheduled today at 15:00 UTC.
