DAX: Short-Term Sell (Update)
DAX, 4-Hour Chart Analysis
The German Index remains very close to its post-election highs just above the 12,750 level, although it failed to make progress in recent days. The benchmark is still clearly in overbought territory, and slightly above the upper boundary of its dominant advancing trend channel, pointing to a correction in the coming days. Our recommendation remains intact with the stop-loss level above the 12,800 level and the initial target zone between 12,400 and 12,500. The MACD is close to providing a sell signal at overbought levels.