Tuesday, 8 August 2017

What’s next? – DAX 08.08.17

Posted by Valentine at 12:16 Labels:

DAX
The DAX futures traded 0.07 percent lower at 12,234.50 points as of 07:15 GMT on Tuesday, despite upbeat trade data and as traders looked ahead of key inflation data from the US.
The German benchmark ended 0.14 percent or 16.67 points lower in Frankfurt on Monday to trade at 12,240.50, with financials and telecommunications weighing in the index.
Best performers were E.ON with a 0.93 percent gain to 8.835, RWE adding 0.65 percent to 18.68 and Deutsche Post up 0.45 percent to 34.31 by the closing bell.
To the downside we’ve seen Deutsche Bank falling 0.87 percent to 15.335, Heidelbergcement easing 0.60 percent to 82.33 and Deutsche Telekom down 0.41 percent to 15.88.
On the data front, Germany’s trade surplus for June grew to 21.2 billion euros, outperforming expectations for 21.0 billion and previous month reading of 20.3 billion.
From a technical perspective, the benchmark is close to the pivot point of 12,240.25. In case of an upward development, the first resistance would be found at 12,251.82. However, if the index comes under pressure, support is likely to activate around 12,231.02.
An stochastic configuration of 9,6 shows the DAX a bit overbought but the RSI(14) and MACD(12,26) provide with a buy signal in the hourly chart. For those trading on a wider timeframe, be aware that the signals are getting closer to soft buy or rather neutral.
The DAX is expected to continue on a weaker position in the short term and it’s relevant to note that German upbeat economic data hasn’t shown a big impact on the index.
The US producer price index and consumer price index on Thursday and Friday respectively will set the tone and provide a fresh direction to the benchmark.

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