DAX (a 4-hour chart)
European stocks are neutral after a 3-day decrease.
The index was neutral on Tuesday after a rapid growth the day before. The price remained in an ascending channel, close to its lower boundary. The overall tone is bullish. DAX traded close to the 200-EMA in the 4 hours chart. The 200-EMA acts as a support and limits its further decline. The 50 and 100 EMAs formed a crossover and are turning downwards. The resistance is seen at 10520, the support lies at 10350.
MACD remained in the negative area. MACD decreased which confirms the strength of sellers. RSI is within the oversold territory.
If the price remains below 10520 it may decline further. The level 10350 is the next sellers’ target. A break above 10520 would open the way to 10700.