DAX remains below 10,000

By FXStreet The German DAX shed 97 points this Wednesday to end the day at 9,828.25, a fresh 3-week low, affected by another raft of weak earnings reports across Europe. Mining related shares suffered the most as commodities fell, but among local equities, Deutsche Telekom AG slipped 2.1% after posting a 2.5 percent-drop in German sales, even as total revenue beat forecasts and earnings rose. Fraport AG slid 6.1% percent after the operator of Frankfurt airport reported quarterly earnings and sales that missed estimates.

DAX technical view

“The index remains near the mentioned close ahead of Asian opening, with the daily chart showing that it closed the day below its 100 SMA for the first time since early April, whilst the technical indicators have extended their declines within negative territory, maintaining strong bearish slopes and supporting some further declines,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators are turning modestly higher within oversold levels, but with the index near its low and below its moving averages, any upward corrective movement should result limited by selling interest now around the 10,000 figure.”

Support levels: 9,802 9,741 9,685. Resistance levels: 9,867 9,914 10,000.
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Source:: FX Street