DAX 30 Analysis

DAX 30 Analysis

By: Ben Myers | YesOption | On:16-09-2014 02:19
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Daily chart for DAX

DAX 30 had a positive session yesterday. The index saw buying emerge at lower levels post the dip it had witnessed over the last couple of days. Traders and investors would closely be watching the German ZEW business sentiment index report to be released today which would provide investors and traders an insight over the state of the business investment cycle in the German economy. If the report shows numbers below expectations, traders would use this opportunity to sell as it would be a clear indication that the German economy is facing tailwinds with regards to growth expectations.

It is widely expected that the European Central Bank would continue it’s lose monetary policy for the coming months as the overall growth picture in the eurozone looks very sluggish. Traders and investors would also be closely watching the outcome of the FOMC meeting as the general sentiment among investor community suggests that the days of loose monetary policy in the US are over and Federal Reserve might take steps towards raising short term interest rates which is seen to be a negative for the index in the near term.

On the daily charts for the DAX, the support continues to remain near the 9565 level which is the 100 day moving average for the index. Any breach below this particular level might drag the index to levels close to 9376 in the very near term. The momentum indicator though in positive territory is showing first signs of a tapering which is indicative of a shift of moment towards the bearish side. On the upside, the resistance continues to remain near 9843 levels.

Actionable Insight:

Short DAX if it closes below 9565 for a short term target at 9376 with a stop loss at 9792

Long DAX if it closes above 9700 for a short term target at 9843 with a stop loss below 9565.

 

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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