05, September 2016

DAX (a 4-hour chart)

General overview

European stocks grew when U.S. jobs growth appeared to be weaker than expected in August.

Current situation

Dax jumped to a fresh weekly high of 10731 after the Non Farm payroll report. The price broke upwards the 50 and 100 EMAs. The moving averages are moving upwards which is a buy signal. The resistance is seen at 10700, the support lies at 10520.

MACD is in the positive area. RSI approached the overbought area. The indicators generate a buy signal.

Trading recommendations

If the price breaks the resistance 10700 the index can grow to the August high at 10802. Otherwise, DAX will fall to the support 10520.