Tuesday, 11 July 2017

What’s next? – DAX 11.07.17

Posted by Anonymous at 11:10 Labels:

DAX

The DAX futures were 0.66 percent higher on Tuesday by 07:40 GMT to trade at 12,516.50 points, with Food & Beverages, Basic Resources and Utilities leading the way.

The German index is now extending its recovery, building bullish momentum above the 12,500 mark in order to break new resistance levels in the future.

In Frankfurt, the DAX closed at 12,529.06 on Monday, adding 83.14 points or 0.67 percent. From a technical perspective, moving averages and technical indicators are supporting long positions, although stochastics show the index has reached an overbought area.

Investors are currently looking to the 12,500 and the 12,300 levels. If the index holds above the first one, the upward movement could be extended in the long term. Otherwise, a break below 12,300 could send the German benchmark as low as 12,000.

Among best performers, E.ON SE NA adding 2.22 percent to 8.426, followed by Linde AG O.N. with a 2.02 percent gain to 169.05 and Continental AG O.N. up 1.43 percent to 191.40.

On the downside, Prosiebensat 1 Media AG easing 0.88 percent to 33.945, Adidas AG falling 0.65 percent to 175.05 and Deutsche Bank AG NA O.N. down 0.60 percent to 16.580.

There are no relevant economic reports scheduled in Germany for the day. Investors will keep an eye on a meeting of EU finance ministers in Brussels. Also, there will be a series of FOMC representatives offering remarks in the American session.

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