Thursday, November 8, 2018

DAX30 - 08 November 2018


Fundamental Highlights

German stocks may follow their US and Asian peers higher today, although the upside may remain limited ahead of the Fed decision on US interest rates. Moreover, data from Germany was revealed earlier this morning, exports and imports declined unexpectedly in September. The economic calendar remains light, with German foreign trade figures awaited later in the session.

Technical Analysis

Technically speaking, while the DAX is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish. Therefore prices will not likely move past the resistance level at 11666. The RSI looks bearish signaling a downward move ahead for today's session. The long-term monthly volatility is also currently notably lower than usual for DAX.

Support: 11460 / 11055
Resistance: 11666 / 11820

Chart (H1)