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
    Likes Received:
    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.
    For more information, read our latest forex news.

Share This Page

free forex signals