Dax (a 4-hour chart)
On Monday, the European stock indices opened with a sharp decrease, as investors remained cautious ahead of meetings of two Central Banks (the US and Japanese). The oil prices decrease pressured the indices as well.
The index showed low volatile trades and remain at the opening prices level during the Asian and European sessions. The price fell at the American session. The new local low is at 9630. The resistance comes in at 9760, the support is at 9550.
MACD is in the negative area that is a sell signal. RSI is in the oversold area. The index fell through Moving Averages 50, 100 and 200 and moved away from them. The level 9760 is a strong support on the daily chart.
The index is oversold. We expect a correction this week. Shall the Dax30 increase it will grow to 1000. If the index consolidates 9670 it will fall deeper to 9550.