Wednesday, 4 October 2017
What’s next? – DAX 04.10.17
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what’s next
DAX
The DAX futures were trading 0.48 percent higher at 12,947.0 as of 06:20 GMT on Wednesday, with market players returning after a holiday and looking ahead to a batch of economic reports.
Germany’s services PMI index for September is due for release at 07:55 GMT, with a 55.6 reading seen. In the Eurozone, the same report will be available at 08:00 GMT, with a forecasted reading of 55.6. Also, EU’s retail sales for August are up at 09:00 GMT.
Traders will also be paying close attention to a speech from European Central Bank President Mario Draghi at 17:15 GMT. His rhetoric on further monetary policy adjustments will be in focus.
The German benchmark closed in green territory on Monday at 12,902.65, rising 0.58 percent or 73.79 points, with pharma & healthcare, logistics and technology contributing most gains.
The best performers of the session were Deutsche Lufthansa adding 3.45 percent at 24.320, Infineon Technologies rising 2.94 percent to 21.895 and Adidas up 2.46 percent to 196.10.
The worst performers of the session were Thyssenkrupp easing 1.50 percent to 24.700, Heidelbergcement declining 1.40 percent to 85.750 and Deutsche Bank down 0.96 percent to end at 14.490.
From a technical perspective, the 13,000 level is our immediate target. The upward movement seems solid for the moment and a break above is likely. However, it should be noted that the DAX rebounded from the 13,000 points in several occasions before.
In case of a downward reversion, the benchmark is expected to find sufficient support at the 12,750 level and not to extend any lower. The 12,500 looks out of reach by now.
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