The German DAX is currently trading above the decisive level around 9,735 points after pulling back from an all-time high at 10,096 reached on December the 5th. Since then the Index has seen volatile trading, declining as far as 9,694 in today's session being quoted just above the resistance of its downtrend established in July. After three months of rally-mode, the DAX is trading below the uptrend line of its bullish move for the first time since establishing a low in October at 8,348.50. If the index fails to climb back, this would be a bearish signal and the new all-time highs might just have been a false breakout and we may see further downside. Alternatively, if we don't see the DAX decline any further, the recent losses can be interpreted as normal pullback and we will see further bullish momentum.
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