Wednesday, April 24, 2019

DAX30 - 24 April 2019


Fundamental Highlights

The DAX index made a modest rise of 0.11% to end at 12235 on Tuesday. Gains on Wall street aided a lift in the DAX Index , while today’s data may dictate whether price can edge any higher as Germany releases business climate index indicative of business sentiment amidst the slowdown in economic activity across the Eurozone.

Technical Analysis

Bullish momentum stalled on the DAX as the index failed to overcome its recent high at 12260 on Tuesday and is seen ranging above the 12200. Moreover, The RSI reading fell below the trend line support however remains in positive territory as the bullish trend remains intact above the 20-period MA. A decline below 26170 would be required to indicate short term weakness, while holding above this level would leave the index ranging before it breaks out and target the 12300 level coinciding with the trend line resistance from Jan 2018.

Support: 12170/12090
Resistance: 12260/12330

Chart (H4)