Germany's Stocks Capitulate as Decline Triggers DAX Death Cross
- DAX Index has lost 18 percent from its record in April
- Market strategist at BBSP sees a ``deep correction''
Euro Market Movers: L’Oreal, Anglo American, Abengoa SA
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German equities, which have already lost most of their gains for the year, have now fallen into a bearish chart pattern known as a death cross.
The DAX Index’s 50-day moving average dropped below its 200-day mean for the first time in a year. For technical analysts, that’s a sign that price momentum is fading. The gauge has fallen 18 percent since reaching a record in April, leaving it up only 3.5 percent for the year.