Technical Comment : DAX 10300 -10350 = Key level = Warning if crossed down

Dax currently (17:00 CEST) trades at 10285, down 1,50% from previous closing.

Daily Dax chart here below (Yesterday closing) shows 3 support levels around/higher than  current price :

  1. The 10300-10400 range that acted as resistance/support many times in last 2 years and 2 times in last 2 months .
  2. The down trendline originated from march 2015 top and currently passing around 10340.
  3. The 50 days moving average at 10395.

The german Index trades BELOW ALL 3 LEVELS at the moment and if no change occurs between now and end of NY session (Dax Futures) this would send a warning signal for more downside action .

One can also note the down direction of the 200 days MA which is not typical of bullish action.

dax-2015_2016-150916

– Click to enlarge the chart –