Technical Analysis

10 October 2018

DAX Declines Below 12,000 EUR

The German DAX index is down today for the sixth consecutive day and, it was trading at 0.35 per cent weaker during the London session, trading at around 11,920 EUR.

Yesterday's decline stopped at the strong support of 11,800 EUR, which held a number of times in March and April, and the index posted a daily bullish pin bar. Therefore, bulls might try to push the price higher in the near future.

Resistances are located at the psychological level of 12,000 EUR, where yesterday's bounce stopped and then move to around 12,045 EUR, where previous lows are located. If DAX rises above this level, the current bearish pressure could be neutralised with a possible relief rally targeted at 12,200 EUR.

On the downside, should the downward trend continue, the first support may be near 11,900 EUR and if broken, the price could deteriorate back towards the mentioned demand zone of at 11,810 EUR.

Stocks have been dropping globally over the last couple of days, as they were spooked by the rising yield. Should yields continue to rise at the actual pace, we could see another leg lower on the stock markets.


Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

Market Focus
  • ECB's Coeure: Central bank has instruments and we've shown that we're ready to use them
  • British Chambers of Commerce (BCC) trims UK growth outlook
  • UK house prices rise slightly In June - Rightmove
  • China central bank injects funds, second phase of RRR cut takes effect

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Forex Demo Account
I understand and accept the Privacy Policy and agree to my name and contact details being used by TeleTrade to contact me about this.
37 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2018 TeleTrade-DJ International Consulting Ltd

TeleTrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. TeleTrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies. If you disagree, you may change your browser settings at any time. Read more.

TeleTrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.