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June 05, 2023- The MACD line is significantly above the MACD signal line
- Bollinger analysis indicates upper Band® is at 16,200
While the DAX is on a 13 day bullish trend, Today's session might suggest a slow down — the DAX trades at 16,054, after ending Friday at 16,051.
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 104,000%.
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 16,200, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests the DAX could be primed for a break to the downside.
Fundamental indicators – Euro Zone Composite PMI came out at 52.8, while a consensus of analysts was expecting 53.3.
At the same time, mixed performances are seen elsewhere as having closed the previous session at 31,524, Nikkei is up 2.2% today to currently trade at around 32,217. Having closed the previous session at 7,145, ASX 200 is up 1% today to currently trade at around 7,216.3. FTSE is up 0.52%.
Upcoming fundamentals: Euro Zone Retail Sales is projected to outperform its last figure with 0.2%. It previously stood at -1.2%; data will be released tomorrow at 09:00 UTC.
