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European equities fall in tandem with slide in oil prices

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Lack of confidence in the recent crude oil prices recovery and Wednesday's weakness of over 2%, led by Kuwait oil workers calling-off strike, hasn't helped global equity markets.

    German DAX registers marginal loss

    With no exception, European markets are too feeling the pair with a cut of anywhere between 0.2% to 0.5%. The German equity index, DAX 30 (DE30), has opened lower by 0.2% but is currently trading off day's low at 10,3330, down 30 points from yesterday's close.

    On H1 chart, the index has been oscillating with a short-term descending trend-channel with immediate resistance near 10,350 level. A clear strength this immediate resistance, leading to a move above yesterday's high of 10,370, would negate any bearish bet and might set the stage for a fresh leg of up-move. Beyond yesterday's high, the index seems all set to reclaim 10,500 psychological mark.

    On the flip side, extended weakness below day's low support near 10,270 level is likely to trigger a near-term corrective move, possibly towards the very important psychological mark support at 10,000 levels. Minor intermediate support is pegged near 10,100 odd level.
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