Back at trendline support, today may be a key day for the index

Dax 40 is back at the trendline support dating back to October. On the last two occasions where the index has approached the trendline, a bounce occurred following some consolidation. This is highlighted by the green ovals. A bounce from current levels could take the Dax to around 18,600, which is the March high point. A break above it would shift the focus to 18,700-18,800, the all-time highs. The support along the trendline reads approximately 18,465. A break below it may see a further decline towards 18,200 and maybe even 18,000. Though this indicates another 1.5%-2.5% fall for the index. Looking at the technical indicators, the MACD is still negative but the RSI has now leveled out as it reads 47.