DAX (a 4-hour chart)
European stocks, including DAX, rallied after the OPEC decision to freeze oil output. However, negative employment data in
DAX gapped higher in the Asian session on Thursday. The price extended its gains during the European hours. The index was able to set a weekly high at 10574. After setting a new high the price partly retreated below the 10520 level. A break above the 100 and 200 EMAs failed, the price returned below them. DAX is in-between the 50 and 200 EMAs. The 100 and 200 EMAs are neutral, the 50-EMA is turning upwards. The resistance is seen at 10520, the support is at 10350.
MACD indicator is at the centerline. If the histogram enters the positive territory, that will indicate buyers’ growing strength. If MACD returns into the negative area the sellers will take control over the market. RSI is neutral.
The level 10520 stopped the upward momentum. A cut through here will aim markets at 10574.