Monday, November 19, 2018

DAX30 - 19 November 2018


Fundamental Highlights

The DAX may open on a cautious note today after US Vice President Mike Pence said on Saturday the US would not back down from its trade dispute until China changes its ways. Asian stocks gave up early morning gains to turn mixed, while the dollar eased slightly versus other major currencies. German stocks edged lower on Friday amid Brexit uncertainty and concerns about Italy's budget proposal. The economic events calendar has Eurozone current account figures and construction output readings at 0900 GMT and 1000 GMT respectively.

Technical Analysis

The DAX is still hovering around the 11300 support level as prices are trading below the 100-period moving average suggesting the bears are still in control. Thus the downtrend might continue today, while downside momentum could accelerate should the stock index break out below the key technical support level and yearly low at 11050.

Support: 11310 / 11050
Resistance: 11660 / 11825

Chart (H4)