Thursday, 5 October 2017

What’s next? – DAX 05.10.17

Posted by Valentine at 02:07 Labels:

DAX

The DAX futures were trading 0.08 percent higher at 12,945.0 as of 08:45 GMT on Thursday, as the index faced strong selling pressure near a key resistance.

The technical picture hasn’t changed much since Wednesday. The German benchmark is now really close to 13,000 and just as we predicted, sellers are starting to weigh on the index.

However, the bullish impulse remains strong and if economic data supports the case, we could see a break above the psychological level, with a possible extension to the 13,100 mark.

On the contrary, if sellers will take the lead and convince buyers to take profits, a downward retreat could take the benchmark down to 12,750, where a strong support is found.

On Wednesday, the DAX was able to secure a 0.53 percent gain in Frankfurt, with food & beverages, basic resources and pharmaceuticals contributing to the upside move.

The best performers of the session were Fresenius, which added 3.69 percent to 71.310, Bayerische Motoren Werke rising 2.69 percent to 88.480 and Volkswagen up 2.29 percent to close the day at 140.75.

The worst performers of the session were E.ON easing 2.76 percent to 9.419, Thyssenkrupp falling 2.43 percent to 24.100 and Deutsche Bank down 0.97 percent to 14.350.

The German services PMI for September came in line with expectations at 55.6, according to Markit Economics. Eurozone retail sales for August declined by 0.5 percent.

Ahead in today’s session, European traders will keep an eye on ECB’s account of monetary policy meeting at 11:30 GMT in search for hints on future plans for the region.

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