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Important technical levels to note on the DAX as it stalls just ahead of 21,300
Since the last update here and after the release of the German ZEW index, the DAX did rise a bit further and that saw it almost reach its highest level since plummeting to 18,489 on April 4. The high seen last week was on April 10 when it topped out at exactly 21,300. The high earlier was set at 21,288. Now that high today was just short of its 100 day moving average, which is in place right now at 21,305. On April 10 the index also managed to recover more than 50% of the fall from the prior all time record high (23,476) to that April 4 low. That 50% recovery level is in place at 20,982. Incidentally the index has not traded below that level so far today (21,075 the low so far). Beyond any possible rise above the 100 day moving average today (21,305) the next potential resistance level is in place at 21,571 (that is 61.8% of the prior 23,476-18,489 fall). The DAX is currently falling back a bit more, trading now around 21,185
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