The German DAX index dropped by 0.70 per cent on Friday and it was trading at around 11,430 EUR during the London session.
Stocks lost ground after Thursday’s FOMC decision, when the Fed confirmed plans to hike rates, despite recent inflation slowdown and carnage on equity markets. If the DAX drops below 11,430 EUR, the bearish trend could be renewed, targeting 11,235 EUR as an immediate reaction.
There seems to be a double top pattern with the resistance at 11,650 EUR and support at 11,430 EUR which may give signs for potential decline, if the index drops below the mentioned support.
On the upside, the price needs to jump back above 11,500 EUR to stabilise and the next resistance zone could be near 11,550 EUR. DAX needs to jump above 11,650 EUR to confirm the bullish momentum.
Sentiment is mildly negative today, Friday, and therefore the current bearish mood could persist throughout the day, with bears currently trying to breach the important support at 11,430 EUR.
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