Tuesday, November 27, 2018

DAX30 - 27 November 2018


Fundamental Highlights

European markets ended Monday's session firmly in positive territory as traders were encouraged by a rebound in oil prices, easing Italian budgetary concerns and the agreement between the EU and Great Britain on Brexit. Looking ahead, traders are likely to be cautious today as US President Trump threatened to impose tariffs on all remaining Chinese imports, if upcoming trade talks fail to produce a deal.

Technical Analysis

After moving significantly higher yesterday, the market found resistance at the 20-day moving average at 11375, and the RSI suggests that the strong momentum is soon coming to an end. Although the index is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Support: 11200 / 11050
Resistance: 11375 / 11660

Chart (H4)