The Dax has dipped below the 50-day MA and the buying momentum has slowed. Could there be a further retracement towards the 100-day MA?

The Dax looks like it could pull back slightly from its recent rallies higher. Currently trading at around 15,933, it has dipped below the 50-day moving average which could be an indication for a retracement towards the 100-day MA. It has also broken through the support sitting at 15,933, although it’s not closed below it as of yet. The support along the 100-day MA reads 15,860. If the current support of 15,933 and along the 50-day MA hold, resistance above sits at 15,959 (20-day MA) followed by 15,982. A move above 15,982 could see the index climb back up towards that 16,000 mark. Looking at the indicators, MACD is still negative and RSI is neutral as it reads 45.