European stock markets opened positive on Monday, showing growth after continuous negative dynamics for the past 2 weeks. European stocks were supported by growth in shares of banks and energy sector companies.
Current situation
The overall picture shows a continuation of the bearish sentiment. Price remains in short-term descending channel. DAX formed a gap up at auction Monday. Bidding took place in a narrow range throughout the day 10330-10370. 50-EMA-EMA 100 crossed in the downward direction. 200 EMA is directed to the north, the 50 EMA and the 100 EMA turned down. Resistance is located at 10350, Support - to 10175.
MACD remains unchanged, which indicates the position gain sellers. RSI approaches oversold territory.
forecast DAX
Attention is directed to the level of traders 10350. A move above that level would strengthen the position of customers, who can send the price in the area of 10450 and then to 10520. A break of this level down, could lead to a reduction in the area of 10250.
Based on materials from Fort Financial Services
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