DAX (a 4-hour chart)
European shares edged lower on Friday following a decline in precious and industrial metal sectors. Energy sector faced some selling pressure as well following a drop in European oil and gas index. Besides, traders took wait-and-see mode awaiting for US Non-farm payrolls release.
DAX traded mostly sideways and the outlook for the day is mixed. The index went back and forth during the course of the session on Friday. The price struggled to take out the 50 EMA barrier during the first part of the day. The 100 and the 200-EMAs kept pointing higher while the 50-EMA was flat. The resistance exists at 11600, the support stands at 11500.
MACD decreased which indicates the buyers’ positions weakening. RSI indicator stayed within neutral area.
Sellers seem to be gaining more control. To trigger fresh downward momentum the index needs to break through 11500. After breaking the level sellers will target at 11400.