Chartbook: DAX Chart: Lower from fresh all-time highs - studies under pressure

Consolidation above 24000 has given way to anticipated gains,

with prices reaching an all-time high at 25508, before falling sharply.

Weekly stochastics are falling and the weekly Tension Indicator is also under pressure, highlighting room for further losses in the coming sessions.

Focus is on congestion support at 23000 and the 22830 Fibonacci retracement.

A break will add weight to sentiment and open up stronger support at 22000, coincident with congestion and the 50% Fibonacci retracement.

By-then oversold weekly stochastics could limit any initial tests in consolidation, before bearish monthly and longer-term charts extend losses still further.

Meanwhile, resistance is at congestion around 24000.

A close above here, if seen, would help to stabilise price action and prompt renewed consolidation beneath 25000.

However, a further close above 25508 is needed to turn sentiment positive and extend long-term gains initially towards the 26000 Fibonacci projection