DAX (a 4-hour chart)
European stocks traded higher on Tuesday following the energy shares growth. Mining shares sharply fell weighing on shares in European banks.
Bears are attempting to control the market now. The index struggled with 10700 to move lower during the day. Buyers seemed to be guarding the level holding prices around it. The 1 hour chart showed that the 50-EMA stopped the DAX index further losses. The 50-EMA is neutral while the 100-EMA crossed upwards the 200-EMA in the same chart. The resistance is seen at 10700, the support is at 10600.
MACD decreased which indicates the buyers’ positions weakening. RSI remained within positive levels tending to move lower.
In the event that the sellers manage to force below 10700 we could see prices testing the level 10600 in the nearest time. On the other side a bid tone maintains while the index stays above 10700. Buyers may extend their gains towards 10800.