DAX lacks clear directional trend - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    European equities closed higher for third day in-a-row, underpinned by a strong rally in commodities that lifted the basic resources sector. The German DAX advanced 79 points to end the day at 9,761.47. The release of local inflation figures failed to motivate local investors, as the final revisions matched previous estimates, showing that inflation remains subdued.

    DAX technical view

    “From a technical point of view, the daily chart shows that indicators have extended further their advances, but remain below their mid-lines, whilst a horizontal 20 SMA acts as an immediate resistance at 9,844, failing to signal additional gains for this Wednesday,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators recovered from their mid-lines and remain within positive territory, although with a limited upward momentum. In this last time frame, the index continues trading between the 100 SMA, and the 200 SMA, both horizontal, a clear indication of the absence of a clear directional trend.”
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