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DAX: mild positive tone prevails

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The German DAX fell 0.46% to end the day at 9,778.93, weighed by poor local manufacturing data and uncertainty on what Mario Draghi may have up his sleeve.

    Factory Orders in Germany decreased by seasonally adjusted 0.1% during January compared to December, according to provisional data published by the Federal Statistical Office Destatis, down by second month in-a-row. Deutsche Bank gave back 1.5%, while automakers led the way south, as Volkswagen fell by 3.2% and BMW closed down by 0.9%.

    The index holds around the daily close ahead of the Asian opening, having trimmed early losses and with the daily chart showing another daily doji, in line with the mentioned uncertainty among investors.

    DAX technical viewpoint

    “The technical indicators have retreated partially within positive territory, but stand flat well above their mid-lines, as the 20 SMA maintains a clear bullish below the current level. In the 4 hours chart, a mild positive tone prevails, as the index holds a few points above a bullish 20 SMA, whilst the technical indicators have retreated from overbought territory, but stalled their declines above their mid-lines, showing no directional strength at the time being,” said Valeria Bednarik, chief analyst at FXStreet.

    Support levels: 9.732 9,690 9,648. Resistance levels: 9,837 9,924 10,000.
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