In the last two week DAX has been ranging between the 12200-11900 levels within the 200 DMA as major support and the red trend line as resistance. My long term target of 11880 set near the all time high has been reached. The 50 DMA is going to cross the 100 DMA average soon, so more bearish pressure is on the near horizon given also the September statistically adverse seasonality for the stock markets; in my opinion the 200 DMA should eventually surrender next week. I am bearish on the short and medium term with a new (FIBO retracement) target of 11480.
