02 August 2018

DAX30 -02 August 2018

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Fundamental Highlights

The DAX index continued to be choppy for another day yesterday as the market clearly lacked direction. The US and the Asian stock indices fell through the course of the day as global war worried continue to spook the markets. US President Donald Trump is considering an increase on the USD200 billion worth of Chinese goods, and Beijing vowed to retaliate.

Technical Analysis

From a technical perspective, we expect a weak opening in the DAX due to the fall in the global stock markets however the German index has been showing relative strength compared to its European peers and therefore expect some buyers to step in around its strong 12,640 support level.

Support: 12640 12505
Resistance: 12780 12888

Chart (H1)
 

DAX 30 Chart 2/8/2018

 
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