Can The DAX Tumble Even Further?

Can The DAX Tumble Even Further?

By: Ben Myers | YesOption | On:29-09-2014 04:04
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Daily chart for DAX

DAX 

The DAX tumbled in Fridays trading session on the back of news that Bill Gross, widely regarded as “bond god” had stepped down from Pimco effective immediately. Bill Gross in a statement said that he would be joining Janus Capital Corp. The slump on the DAX was largely on the back of a sell off seen in Allianz shares which constitute a large percentage of weight age on the DAX. Allianz is the parent company for PIMCO.

The shares plummeted by close to 7 percent which caused the DAX to close lower on the day. It is widely expected that with the exit of Bill Gross, a large chunk of investors would withdraw funds from PIMCO which might affect the fund management revenues for Allianz. Traders continue to maintain a bearish view on the DAX as many believe that the dismal economic reports coming out of Germany is a huge cause of concern. Traders would be closely watching out for economic reports coming out of Europe and US over the next week to assess the pace of recovery in both these economies.

On the daily charts for DAX, the index continues to hold strong support at 9376 and face resistance at 9858 levels. On the back of price action on Friday, the DAX continues to remain below its 100 day moving average at 9580 which is a bearish indicator. The momentum indicator for the DAX has given a fresh sell signal indicative of the shift of momentum towards the sell side. Similarly, the relative strength index is showing signs of a impending sell off which is a cause of concern for the traders and investors.

Actionable Insight:

Short DAX at current levels with a strict stop loss above 9610 with a short term target at 9376

Long DAX if it closes above 9650 with a short term target at 9800. 

Ben Myers

Ben Myers

Success = few pips, thousand times

Ben Myers is one of the most respected and trusted names in the financial trading industry. Following a long and successful career with HSBC, Bank of Ireland and running his own investment firm

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