16, September 2016

DAX (a 4-hour chart)

General overview

European stocks are under pressure the sixth session in a row.

Current situation

The index had a negative day on Thursday. The price stayed near weekly lows at 10350. Sellers are trying to break the level. However, all their attempts meet a strong resistance from the buyers' side. DAX traded below the 50, 100 and 200 EMAs in the 4 hours chart. The 50-EMA is crossing the 100-EMA in the mentioned timeframe.  The 50 and 100 EMAs are pointing lower, the 200-EMA is trending north. The resistance is seen at 10520, the support lies at 10350.

The indicators slightly changed from Wednesday.

Trading recommendations

The tone is still negative in the market. If DAX breaks the current support the index might extend its decrease towards 10175. To grow the price needs to bounce from 10350.