Wednesday, October 31, 2018

DAX30 - 31 October 2018

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Fundamental Highlights

Germany's retail sales for September were released earlier this morning. Following the data, the Dax rose strongly after ending Tuesday's session mixed amid heightened trade tensions between the US and China. Overnight, US stocks ended sharply higher despite a spate of mixed earnings results and economic reports. Looking ahead, on the economic we have eurozone inflation and unemployment figures at 1000 GMT.

Technical Analysis

The DAX found buyers at the 11200 support level yesterday, but missed to decisively move beyond the previous day's trading range. Prices are trading extremely close to the key technical resistance level at 11460 once again today. The RSI over 70 suggests overbought conditions. Moreover, the 200-period MA will be acting as resistance as well suggesting short term downside action for the next few hours.

Support: 11200 / 11055
Resistance: 10460 / 11815

Chart (H1)
dax

 
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