Monday, 9 October 2017

What’s next? – DAX 09.10.17

Posted by Anonymous at 11:48 Labels:

DAX

The DAX futures were trading 0.21 percent higher at 12,973.0 as of 07:15 GMT on Monday, as traders looked ahead to further economic reports in search for upward support.

On the data front, Monday’s highlight will be industrial production figures for August. Market analysts are foreseeing a 0.7 percent growth from a previous month 0.0 percent read.

Despite finishing Friday with a tiny loss, the DAX was able to recover significantly last week, moving very close to the 13,000 points psychological resistance level.

In economic news, Germany’s factory orders outperformed expectations for August with a 3.6 percent monthly build, compared to an initially estimated 0.7 percent increase.

The German benchmark ended last week in red territory at 12,955.94, declining 0.09 percent or 12.11 points during Friday’s session as basic resources, transportation and food & beverages pushed the index to the downside, while technology, media and insurance offered support.

The best performers of the session were Prosiebensat 1 Media, which rose 2.69 percent or 0.785 points to 29.960. Volkswagen increased 0.78 percent or 1.10 points to close at 142.80 and Muench. Rueckvers. added 0.63 percent or 1.15 points to finish at 185.00.

The worst performers of the session were Thyssenkrupp, marking a 2.87 percent or 0.690 points loss at 23.365. Vonovia edged down 1.61 percent or 0.59 points to 35.97 and Beiersdorf fell 1.28 percent or 1.170 points to end at 90.530.

As expected on the technical perspective, the index faced strong bearish resistance at 13,000 and but without a strong downward correction. If the DAX would receive support from economic reports this week, we could see a break above the mentioned level and a extension to 13,100.

No comments :

Post a Comment

Subscribe to: Post Comments ( Atom )