Wednesday, March 13, 2019

DAX30 - 13 March 2019


Fundamental Highlights

The DAX index ended 0.17% lower on Tuesday following the rejection of PM Theresa May’s Brexit deal. Attention will be drawn to today’s vote on ruling out a no-deal Brexit as the uncertainty subjected by Brexit and the protracted Sino-US trade war on global growth will continue to weigh on investors’ sentiment and influence price action on the DAX. On today’s data front, Eurozone publishes industrial production data.

Technical Analysis

The DAX index failed to push past the resistance around 11650 and drifted lower to end at 11524. While the daily RSI reading remains in positive territory and the extended trend line support remains intact, price action is looking to trade through the 11480 level to target support at 11400. Failure to break through the 11480 level, will keep the index consolidating around the 20-period MA with the 11540 level acting as the first barrier to upside moves.

Support: 11480/ 11400
Resistance: 11540 / 11680

Chart (H4)