DAX (a 4-hour chart)
European stocks traded in green figures after 4-day decline as investors preferred safe assets ahead of the Fed’s meeting next week.
DAX traded flat after a recent decrease. Investors consolidated their gains, awaiting for new drivers. The index went back and forth between 10350 and 10450. The instrument bounced from the 200-EMA in the 4 hours chart. The 200-EMA is moving upwards, the 50 and 100 EMAs direction is downwards. The resistance is seen at 10520, the support lies at 10350.
The indicators remained within negative territory. MACD decreased which confirms the strength of sellers. RSI is consolidating above the oversold territory.
As DAX is under pressure we feel comfortable taking short-term short positions. The price is struggling with 10350 now. If sellers break the level they will lead the price 10230.