Thursday, November 1, 2018

DAX30 - 01 November 2018


German stocks are set to open higher on today after US stocks rebounded for a second day on the back of encouraging earnings and economic reports. European markets rallied across the board on Wednesday on expectations that a Brexit deal is just weeks away. The German DAX climbed 1.4%. A quiet day ahead today on the European economic calendar front. Traders will focus on the U.S. NFP report due tomorrow.

Technical Analysis

The DAX is still trading below the 200-period moving average and extremely close to key technical resistance levels at 11460. Overall, from a technical perspective, the short-term trend is still clearly bearish, however it will be interesting to see today if any fundamental catalyst will help the German blue-chip index push through resistance.

Support: 11200 / 11055
Resistance: 10460 / 11815

Chart (H1)