In the past hours, the DAX continued yesterday’s recovery movement and corrected part of the glaring price losses from last Monday. The market is obviously breathing a little sigh of relief that there have not been any more sustained acts of war in Ukraine so far:
The index climbed this morning to the mark of 14,878 points – the 61.8% retracement of the previous downward wave. This level corresponded with an important horizontal resistance (the intermediate low of February 14). Below this chart hurdle, the path of least resistance is now once again southward towards 14,500 points and lower. Only above 14,900 points would the bulls get a decisive tailwind again. However, the chart picture in the German benchmark index currently plays only a subordinate role – any headline from Moscow or Kiev can turn the situation completely upside down again.