The DAX ended the week lower at 11,939.6 points as the Euro failed to provide any positive influence to the equity markets combined with increasing concerns towards the Sino-US trade war woes which are still escalating in amount and in tension as China's trade surplus with US grows to a new record in August. No major news scheduled affecting the DAX this week other than the ECB on Thursday. Investors awaiting the Eurozone Sentix Investor Confidence today which evaluates investor sentiment as it pertains to the current and future performance of the economy.
Technically speaking, the DAX retested and confirmed our support level at 11,895.6 points accompanied by major oversold RSI conditions with price and indicator diverging suggesting a retest of 11,989. A failure to test that level should be taken as a sign of market weakness, while a close above that level on the 4H timeframe would signal an eminent breach of 12,000.
Support: 11,895.6 11,704.4
Resistance: 12,106.7 12,247.6