DAX30 - German Index Breaks Through Support Level
Enter your emailThe market has recently been consolidating, and now it looks as if we have finally run out of momentum.This is a very negative turn of events, and it does suggest that perhaps the DAX is ready to fall further. In fact, if we break down below the lows of the session on Wednesday, I suspect that there will be a fresh wave of selling, especially if the €14,000 level gets broken through.
If we rally from here, then I believe that the 50-day EMA, currently sitting at the €14,565 level, will drop significantly. At this point, I believe that should be dynamic resistance, and it should be perceived as such. The 50-day EMA being broken allows for the market to go looking to reach the €14,900 level. That being said, the market is going to come into contact with the 200-day EMA at that point, so even then I think it is probably somewhat limited to the upside.
The market has recently been consolidating, and now it looks as if we have finally run out of momentum. In the short term, it is very likely that we will continue to see noisy behavior, so I would be cautious about my position size, considering that the market can swing quite viciously, especially as there are so many geopolitical issues, as well as the concerns about energy in the European Union. The German GDP numbers have recently been revised lower as far as estimates are concerned, and that has expectations of German performance going lower.
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