Friday, November 23, 2018

DAX30 - 23 November 2018

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Fundamental Highlights

German stocks may open slightly higher on Friday after UK Prime Minister Theresa May said the Brexit deal is "within our grasp". European indices finished lower yesterday in view of concerns surrounding Brexit and Italy. The German DAX shed 0.9%. Meanwhile, US financial markets were closed yesterday for the Thanksgiving holiday and are open only half the day today. Therefore, we expect low volume for global markets today. The economic events calendar on Friday has Germany GDP readings at 0700 GMT, alongside manufacturing and services PMI figures from France, Germany, the eurozone and US at 0815 GMT, 0830 GMT and 0900 GMT respectively.

Technical Analysis

Prices failed to decisively move beyond the prior day's trading range yesterday in a lackluster session. The Dax closed firmly in the red breaking the 11200 level again and is on its way to retest the key technical support level at 11050. If we don't break down below 11050 today the index might find buyers again. However, selling could accelerate should prices move below the 11050 level where further sell stops might get activated.

Support: 11200 / 11050
Resistance: 11660 / 11825

Chart (H4)
dax

 
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