DAX appears to be establishing a short term sideways trend to ease oversold conditions.
We filled the gap at 8550/8600. Shorts were stopped above 8700 for 8800/10 & 9000/9050…we topped exactly here overnight as I write.
Reports will be updated at about lunchtime GMT if necessary.
DAX 200 hour MA resistance at 9000/30 should be important today but above here retests yesterday’s high at 9087. We meet quite strong resistance at 9150/9200 but above 9250 meet a selling opportunity at 9350/9400. Try shorts with stops above 9500.
Holding below 9000/30 targets 8920/8880 then 8740/00. Expect good support at 8630/00 & the downside is likely to be more limited now. However below 8550 risks a slide to 8450/8400 & 8300/8250.
Trends
Weekly outlook is negative
Daily outlook is negative
Short Term outlook is neutral