DAX40 PERF INDEX - DAX30 is Moving Towards The 10240 - 09/26/2016 (GMT)

The German DAX 30 index is consolidating between the 10775 critical level and the minor support at 10240 during the last month. Since February the index is moving in an upward move and during the previous week, the index surged more than 3% and met the 10710 resistance level.

The technical structure remains bearish since the index today plunged more than 1.5% and now is challenging the 50-daily SMA. The initial targets to watch is the strong support level at 10240 which coincides with the 50-weekly SMA and the 200-daily SMA. A penetration of the aforementioned obstacle should open the door for the next barrier at 10090. Going to a lower timeframe, the price slipped below its moving averages and this is endorsing the bearish thought. Technical indicators on the 4-hour chart are biased lower with strong momentum. The MACD oscillator is moving below its trigger line but is still above its zero line. In addition, the RSI indicator is following a downward path below the 50 level, confirming the recent bearish attitude of the price.