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DAX Analysis

(6860) The DAX confirmed a weak closing last night well below the low of the previous session, that was already a negative outside day, and also below the support of it at 6862 suggesting further weakness, especially in case of a possible closing tonight below 6821!! The indicators of the daily chart are still well positive but still showing overbought conditions and potential negative reversals!! Those of the s/t ones are below the line this morning supporting further consolidation/correction. An hourly closing below 6821 will support an extension of the retracement toward the 200 hours line at 6787 if not even a little lower toward the support line at 6760 where we suggest going long! Only an hourly closing above 6895 will resume the move up. In the hourly chart we have already a small s/t bottom especially in case of an hourly closing above 6853 at 9.00 CET
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