Thursday, March 14, 2019

DAX30 - 14 March 2019


Fundamental Highlights

The German blue-chip index rose by 0.42% led by positive cues from Wall Street and a ruled out no-deal Brexit scenario on Wednesday. On the data front, the eurozone's industrial production beat the estimate of 1% and rose to 1.4%. Given the impact of Brexit on the European economy, Investors’ sentiment should remain cautious and dominated by today’s parliamentary vote on the extension of the March 29 deadline set for the UK’s withdrawal from the EU.

Technical Analysis

The DAX index formed a higher low as it found support at the 11470 level before moving higher to meet resistance at 11620. A trade through the support at 11470 would suggest a move back down, while holding above the 20-period MA around 11540 remains indicative of near-term direction with the first barrier to upside moves at the resistance of 11620.

Support: 11480/ 11400
Resistance: 11620 / 11680

Chart (H4)