Tuesday, July 24, 2018

DAX 30 - 24 July 2018

Tags
  • DAX

Fundamental Highlights

The German index rebounded back to the resistance area, after the big selloff on Friday, and is expected to open strong this Tuesday morning as banks may benefit from rising bond yields on expectations the Federal Reserve will continue to raise interest rates despite criticism from US President Donald Trump. On the release front, German and Eurozone manufacturing PMIs are expected today. If they come out strong the DAX index might edge slightly higher, however, I think that this is more or less going to be an accumulation phase than anything else.

Technical Analysis

If the data from Germany comes out strong today, we might see the DAX above the €12640 resistance once again with targets at €12780. However, it is currently still trading below its 50-period moving average and therefore a bearish move to the downside is more probable. The RSI advocates for price decline from here.

Support: 12640 12410
Resistance: 12780 12900

Chart (H1)
dax

 
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