Dax (a 4-hour chart)
The German stock market grew on Friday. The technology, media and construction sectors strengthened most of all. The shares of ThyssenKrupp AG were the growth leaders among the DAX 30 index components. The shares gained 6.47%.
The German DAX slowed down its growth last Friday. The index is in a consolidation in the 1 hours chart.
MACD is close the centerline that indicates the sellers’ positions weakness. RSI rebounded from the oversold area that also supported buyers.
The 200-EMA stopped the DAX growth, the 100-EMA acts as a support for the price. The pair recovered to the 100-EMA in the 4 hours chart which acts as a resistance for the index. The resistance comes at 9760, the support exists at 9550.
Although the pair seemed to continue with the recovery its growth slowed down. To trigger additional upward momentum the index needs to break the current resistance at 9625. Alternatively, the DAX will decrease towards 9400.