DAX upside limited – FXStreet

By FXStreet Following a positive start, European indexes closed the day mixed, pressured by oil’s turbulence affecting commodity-related equities. The German DAX managed to advance 87 points to close at 9,463.64, favored by the absence of local data. The benchmark retreated from a fresh weekly high of 9,549 on the back of rising US stockpiles to record highs, but remains well above its weekly opening.

DAX technical perspective

“From a technical point of view, the daily chart shows that the DAX is still above its 20 SMA that anyway is flat, while the Momentum indicator is turning south below its mid-line and the RSI indicator hovers around 49, keeping the upside limited”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart shows that the index is still above a bullish 20 SMA while the technical indicators have stalled their declines within positive territory and after correcting overbought readings, leaving a neutral stance at the time being. Should the index extend beyond the mentioned daily high, further gains could be expected for this Friday”.

Support levels: 9,420 9,343 9,281. Resistance levels: 9,549 9,601 9,674.
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Source:: FX Street