DAX extends winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    European stocks closed Wednesday higher for fifth consecutive day, with the German DAX up by 0.61% to close at 9,776.62. The strong opening was supported by previous gains in the US and Asian markets, although investors' optimism faded by London close, resulting in modest gains all across the region. The index eased some 100 points in after-hours trading, as Wall Street lost momentum.

    “However, the German DAX holds on to its latest bullish tone, as in the daily chart, it advanced further above a now flat 20 SMA, while the technical indicators have partially lost upward strength, but remain well above their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “Additionally, the index managed to post an over one-month high, which suggests bulls are still in control, albeit buying interest remains discrete ahead of the ECB's meeting next week. In the 4 hours chart, the 20 SMA has accelerated its advance below the current level, while the technical indicators have recovered towards the upside after a limited downward move, in line with further advances for this Thursday.”

    Support levels: 9,742 9,690 9,651. Resistance levels: 9,837 9,924 10,000.
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