Dax (a 4-hour chart)
The European stock markets have been growing for 4 sessions in a line. The market was supported by the upcoming stimulus measures from the BoJ and BoE together with a decrease of the political tensions in the UK.
The index DAX sharply increased and showed a growth by 1,33% on Tuesday. The price approached the important level of 10000. The resistance comes at 10000, the support exists at 9750.
The MACD histogram is in the positive area that indicates the buyers’ strength. RSI is in the overbought area that also supports buyers.
The price is above the 200 EMA in the 4 hours chart which acts as a support. The 50 and 200 EMAs are turning upwards.
Technically the index is overbought. We expect a correction towards 9760 where the price may get a support and grow back to 10000.