02, June 2016

Dax (a 4-hour chart)

Dax (a 4-hour chart)

General overview

European stocks showed a decrease after the mixed Chinese manufacturing data. The declined oil prices added some negative sentiment as well.

Current situation

The DAX 30 continued to lose ground, falling from 10350 to 10159. The index is near the level of 10175. The stock market looks bearish. The resistance is at the level of 10350, the support is at 10175.

MACD indicator is in a positive area. The histogram is below the signal line. The MACD is declining, the signal is bearish. RSI approached the oversold level of 30.

Trading recommendations

The potential decrease targets are two levels of support: 10175 and 10000.