DAX (a 4-hour chart)
European stocks were in buy mode yesterday. The better-than-expected Manufacturing and Services PMI releases in
Technically, the short term picture is modestly bullish. The index extended its near-term upward trajectory on Monday. The price got under buying pressure. Buyers pushed the price from 10700 towards 10800 where the upward momentum stalled. Prices remained above the 50, 100 and 200 EMAs in the 4 hours chart. The 100-EMA is crossing the 200-EMA. All moving averages are heading higher. The resistance is seen at 10800, the support is at 10700.
MACD is in the positive area. MACD grew which confirms the strength of buyers. The RSI is in the overbought area.
A break above 10800 risks a strengthening towards the resistance at 10900.