DAX corrects this week's gains on Friday


The German DAX index was down half a percent on Friday and was trading at around 14,500 EUR after rising more than 600 EUR from Monday's lows.

The short-term uptrend was broken to the downside, which cancelled the immediate bullish momentum, and a correction should be welcome by investors to get in at more favourable prices.

Thus, the intraday support is now seen at today's lows of 14,450 EUR, and if the US session brings more selling, we could see a decline toward 14,385 EUR. If DAX drops below 14,385 EUR, the short-term trend could change to bearish.

DAX needs to stay above 14,200 EUR for the medium-term uptrend to remain bullish.

Sellers will be defending previous support at around 14,515 EUR, and if DAX jumps above that level, further rally toward the current all-time highs at 14,600 EUR could occur. 
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