The Dax is trading at around 15,149, it is overbought on the daily timeframe and almost overbought on the 4 hourly. Will a short-term dip occur?

From a technical perspective, the DAX is currently trading at around 15,149. Looking at the 4-hourly timeframe, support sits below at 15,081 (20-day MA). A break below the 20-day MA may see the index fall, testing support levels at 14,953 and then at 14,800 (50-day MA). A break below the 50-day MA could result in a much deeper fall towards the 100-day MA (14,600), although this is more likely towards the back end of the week. On the other hand, towards the upside, resistance sits at 15,186 then a key level at 15,197. A break above 15,197 could see the Dax climb towards 15,300-15,400. Looking at the technical indicators, MACD is currently negative but RSI is positive as it reads 69. NOTE: RSI has been in or floating under the 'overbought’ territory since January 4^th. It is also in the overbought territory on a daily timeframe, therefore, important for bulls to factor this in when placing trades.