Chartbook: DAX Chart: Choppy beneath all-time highs - studies under pressure

The anticipated test of strong support at 22000, coincident with congestion and the 50% Fibonacci retracement, has given way to a sharp bounce,

with prices all-but reaching the 25508 current year high of 13 January before settling lower to congestion support at 24000.

The positive weekly Tension Indicator is coming under pressure and weekly stochastics are flattening in overbought areas, suggesting room for a test below 24000 towards further congestion around 23000.

However, bearish monthly stochastics are flattening, suggesting any further losses could give way to fresh consolidation above 22000, before the bearish monthly Tension Indicator prompts deeper losses.

Meanwhile, resistance is at 25508.

Mixed/negative monthly charts and deteriorating longer-term readings should limit any initial tests in renewed selling interest/consolidation.

A close above here, however, will turn sentiment positive and extend long-term gains initially towards the 26000 Fibonacci projection