31, May 2016

Dax (a 4-hour chart)

Dax (a 4-hour chart)

General overview

The situation with DAX slightly changed on Monday. The index was traded in different directions during the day. DAX was influenced by oil prices decline and a possible rate hike in the United States.

Current situation

The index started the week at the level of 10284. DAX rose and was able to set a new high at 10348, where the index turned down and fell to the opening price zone. The resistance is at the level of 10350, the support is at 10175.

MACD is in a positive area. The histogram is below the signal line. MACD kept decreasing. The signal is bearish. RSI reached the overbought level of 70.

Trading recommendations

The approach to the level of 10350 may lead to a price rebound down. The potential rebound target is the support level of 10175.