200 day MA has been a support area this summer
Back in June the German Dax fell from highs but stalled at the 200 day MA (100 day MA was near the area as well).
Yesterday, the fall lower took the price back to that 200 day MA (green line) but stalled/closed near the level. The index has just moved negative – erasing earlier gains and has ticked below the MA line again at 11640. The low did reach 11624.45. We currently trade at 11645 as I type.
Taking a look at the hourly chart below, the price yesterday and again today peeked below the 200 day MA level. The corrective move higher today was fairly lame given the holding of the support and the sharp fall seen over the last 9 or so trading days. The sellers remain in control.