DAX (a 4-hour chart)
European stocks were neutral ahead of the U.S. unemployment release on Friday.
Market’s positive mood persisted on Thursday. However, the neutral phase that started this week is still intact. DAX traded sideways, the index got under selling pressure on any up-move towards 10600. The moving averages are mixed in the 4 hours chart. The 200-EMA is moderately bullish, the 50-EMA accelerated its growth, the line is about to cross the 100-EMA which is heading lower. The resistance is seen at 10600, the support is at 10500.
MACD decreased which indicates the buyers’ positions weakening. RSI remained within the positive territory.
An uptrend will start as soon, as the DAX index rises above the resistance level 10600. If the price moves below 10500 we will neutralize our medium term positive outlook. Sellers may push the price towards 10400.