On Friday the 13th, German stocks ended slightly higher, extending their weekly gains as concerns over a potential global trade war remained on the back burner and investors instead focused on incoming bank earnings out of the U.S.
The DAX30 finished up +0.40% closing at €12,540. Expectations for earnings are solid in view of rising rates, and improvement in inflation, output, growth and the labor market in the first half of the year. On the release front, there are no major German or Eurozone events this week. However, some interesting data from the U.S. might have an impact on European stock markets.
No major changes are expected in the DAX from a technical perspective. The short term momentum of the index is still negative, however it looks like the index will keep trading in a steady manner between the support-resistance lines at €12410 - €12,640.
Support: 12410 12160
Resistance: 12640 12800