Fell -1.6% at the lows.
Yesterday, the German Dax toyed with closing above the 200 day MA. At the end of the day, the index closed right around the key MA, setting today up for a key swing day. Would the price move above the 200 day MA or retreat?
Well retreat is the answer with weakness in BMW and Bayer helping to push the index lower.
Technically, the price has move below the 50 hour MA at 11648.65 (risk for shorts now - see white line in the chart below). The 100 hour MA (blue line) is the next key target at 11588.20. The low for the day reached 11596.20. So there is some stall ahead of that MA level. We are currently trading at 11614. Stay above the 100 hour MA, could make this move today, just a correction after the test of the 200 day MA. A move back above the 50 hour MA would be eyed.
Nevertheless, until the 50 hour MA is re-taken (to the upside), the failure at the 200 day MA is disappointing. Watch the 100 hour MA on the downside. It is key as the European day moves toward the close.
