Thursday, 10 August 2017

What’s next? – DAX 10.08.17

Posted by Anonymous at 11:27 Labels:

DAX

The DAX futures traded 0.08 percent lower at 12,137.0 points as of 07:25 GMT on Thursday, with the index deepening losses amid rising concerns in the Korean peninsula.

The German benchmark ended 23.10 points or 0.19 percent down to trade at 12,130.90 points by the closing bell, with construction, insurance and consumer goods extending losses.

The best performers of the session were E.ON SE NA adding 3.68 percent to trade at 9.230, followed by RWE AG ST O.N. up 0.77 percent to finish at 19.045 and Continental AG O.N. rising 0.47 percent to 190.85 points.

Heading to the south we’ve seen Commerzbank AG O.N. down by 4.14 percent to 11.115, Deutsche Bank AG easing 3.78 percent to 14.880 and Adidas AG down 2.96 percent to 193.40.

From a technical perspective, indicators are pointing to the downside, with the immediate support level found at 12,138.41 points and first resistance at 12,172.66 points.

There are no relevant news in Germany scheduled for the session, but traders will be paying close attention to the US agenda, with initial jobless claims and the producer price index ahead.

The benchmark came under pressure as the EURUSD continues to rise on the back of a weaker greenback. The 12,000 psychological mark seems to a market bottom for the index, but there 12,100 points are offering strong resistance for the time being.

We insist that the current market situation offers a great buying opportunity for those willing to take long positions and wait until water calms down. An upward correction is likely to be realised in the upcoming weeks as elections in Germany get closer.

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