The German DAX index dropped by 0.70 per
cent on Friday and it was trading at around 11,430 EUR during the London
session.
Stocks lost
ground after Thursday’s FOMC decision, when the Fed confirmed
plans to hike rates, despite recent inflation slowdown and carnage on equity
markets. If the DAX drops below 11,430 EUR, the bearish trend could be renewed,
targeting 11,235 EUR as an immediate reaction.
There seems to be a double top pattern with
the resistance at 11,650 EUR and support at 11,430 EUR which may give signs for
potential decline, if the index drops below the mentioned support.
On the upside, the price needs to jump back
above 11,500 EUR to stabilise and the next resistance zone could be near 11,550
EUR. DAX needs to jump above 11,650 EUR to confirm the bullish momentum.
Sentiment is mildly negative today, Friday,
and therefore the current bearish mood could persist throughout the day, with
bears currently trying to breach the important support at 11,430 EUR.
Disclaimer:
Analysis and opinions provided
herein are intended solely for informational and educational purposes and don't
represent a recommendation or an investment advice by TeleTrade. Indiscriminate
reliance on illustrative or informational materials may lead to losses.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.