Dax 40 - continues to sell off but approaching key support

The Dax40 continues to sell off, heading for a fifth consecutive week in the red as it currently trades around 18,160 and is down 0.5% on the day. However, we can see on the daily chart that it has approached a support area (outlined by green channel) and is heading towards a more significant support level along the trendline. The support within the channel of 18,200 has just been broken, although we are yet to see if it will close below it. A close below would be a bearish indication, potentially leading to a test of the trendline support. Whereas a close within the channel may lead to some consolidation going into next week. The support along the trendline reads 18,057. A dip and close below the trendline would certainly be a strong bearish indication that a more significant correction in the short-mid term is underway. The area of focus would then shift to 17,700-17,800. As the current bias sways more towards a bearish approach, it would be unjustifiable to point out any resistance levels until clear signs of consolidation. We can also see the technical indicators continue falling and are clearly negative with an RSI reading of 38.