Tuesday, 12 September 2017

What’s next? – DAX 12.09.17

Posted by Valentine at 01:44 Labels:

DAX

The DAX futures traded 0.47 percent lower at 12,524.5 points as of 07:10 GMT on Tuesday, with geopolitical tensions easing despite a new package of sanctions against North Korea.

The UN Security Council unanimously voted a new package of sanctions against North Korea, banning its textile exports and capping their crude and refined products imports.

No relevant reports were released in Germany, Ahead in the day, traders will be paying attention to JOLTs job openings for July as of 14:00 GMT.

As we noted on Monday, the pair found enough support to break above the upper band of its consolidation range at 12,350. A considerable number of traders took advantage of the consolidation phase to buy the dips and enter the market at competitive levels.

At this stage, the immediate resistance is located at 12470.97, while the first support is found at 12397.64. In order to regenerate a solid upward trend, the benchmark should break above the 12,500 level, which would open the doors to further gains.

The German benchmark closed Monday 1.39 percent or 171.26 points higher at 12,475.24, with Transportation & Logistics, Insurance and Food & Beverages pushing to the upside.

The best performers of the session were Muench. Rueckvers., which added 4.07 percent to 176.40, Commerzbank rising 3.24 percent to 10.500 and Deutsche Bank up 2.77 percent to end the day at 13.710.

The worst performers of the session were Daimler easing 0.28 percent to 64.650, Merck advancing 0.18 percent to 96.00 and Prosiebensat 1 Media up 0.27 percent to 27.790.

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