DAX40 PERF INDEX - Consolidates And Awaits a Breakout - 07/10/2017 (GMT)

The German DAX 30 posted a red month and plummeted 2.3% in June while is now trying to recover some of its losses. The index, following the challenge of the 12953 resistance level, began a bearish movement and hit the 12305 support level. Currently, the price is consolidating within 12305 and 12490 barriers.

From a technical point of view, the German index is developing slightly below the 100-day SMA which overlaps with the 12490 resistance handle whilst the 50-day SMA is sloping to the downside. On the other hand, the technical indicators are endorsing a rising tendency as both are having a bullish attitude. The RSI indicator is sloping up in the negative path as well as the MACD oscillator which is approaching the trigger line for a bullish crossover. If the price surpasses 12490, it will meet the 50-day SMA, near the 12644 resistance handle. On the other side, if the index slips beneath 12305, it will open the door for 11935 support barrier.