The German Dax was the worst perfomer of the European indices with a decline of -1.12%. What was behind the move lower?
Looking at the daily chart of the German DAX below, the price highs seen over the last few days has seen sellers near the 100 day MA (blue line). Today's high at 13745.59 moved briefly above MA at 13737.23, but momentum faded. The price is closing near the low for the day.
Yesterday, the price tested the 100 day MA and last Thursday the 100 day MA was also tested. However, each test backed off and closed below the MA level. Today's close is the lowest over that period.
The buyers had their shot....I mean shots. Getting above the MA would have tilted the bias more to the upside. However, those shots missed. That's bearish and the close today is reflective of those missed shots.