Technical Analysis - DAX 30

The DAX closed on the lows of the day so not a very impressive action. Now the gap at 6961 is fully closed. I want to show you the arithmetic chart of the DAX on a daily basis since mid 2008. Since the lows of summer 2009 the DAX formed a nice upward trend. The index nearly reached that trendline which is just below the exponential and simple 200 day moving averages. Former declines during this uptrend always stopped at this trendline and around the 200 day moving averages. So watch out if the DAX breaks below the drawn trendline and afterwards below 6800.

Now I want to show you the chart on a closing basis. This chart shows that the XETRA DAX should not close below 6950. Sometimes the trendline on a closing basis are getting violated before trendlines in candlestick charts do. So this could be a good indication in what direction the DAX will head.

On the weekly chart you can see this trendchannel too but more important are the exponential and simple 50 week moving averages. They provided pretty good support in the past.

Last but not least a chart on a weekly closing basis of the DAX. Here you can see that the DAX should not close below 7145 on a weekly basis to keep the upward channel intact.