Friday, 4 August 2017
What’s next? – DAX 04.08.17
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what’s next
DAX
The DAX futures traded 0.23 percent higher at 12,138 points as of 05:12 GMT on Friday, with all eyes centered at the employment reports from the US.
The German benchmark settled in red territory on Thursday, closing down 0.22 percent or 26.76 points to trade at 12,154.72 at the end of the session.
The intraday range was defined by a lower limit of 12,099 and a top of 12,184. From a technical view, the index is strongly overbought and sell / strong sell is recommended at this stage.
Based on the Fibonacci system, immediate support is found at 12,142.90, while the first resistance is seen at 12,168.90. The pivot point remains at 12,155.90.
Market sentiment seems split 50/50 between bears and bulls, with investors awaiting key labor data from the United States later in the day.
Nonfarm payrolls for July will be out as of 12:30 GMT and figures would help assess chances for a Federal Reserve interest rate hike by December, which now stand at 42.5 percent.
Pushing downwards were Siemens, which lost 3.06 percent to 112.50, Beiersdorf falling 1.78 percent to 90.40 and Prosiebensat 1 down 1.24 percent to 33.96.
Contributing to gains, Commerzbank added 2.04 percent at the closing bell to 11.24, followed by Thysenkrupp up 1.28 percent to 24.93 and SAP rising 1.03 percent to 90.55.
Trading volumes are thin due to the summer season, which also creates less interest among traders and promotes a lateral dynamic without much excitement.
The DAX index is expected to continue in consolidation mode even after the release of employment data in the United States. The range 12,100 - 12,200 still limits the movement.
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