The DAX had a very weak session on Friday

The DAX had a very weak session on Friday

By: Ben Myers | YesOption | On:15-09-2014 05:48
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Daily chart for DAX

The DAX had a very weak session on Friday closing at the day’s low which is a very bearish signal. The German index had been in a very strong uptrend over the last few weeks’ right from the time it made an intraday low at 8092 but is currently facing resistance at the upper end of the trading range. The selling pressure witnessed in Friday’s trading session was on the back of above average volumes which is a bearish indicator.

Traders and investors would be closely watching the outcome of the Federal Reserve minutes to be released on Wednesday to understand the future course of action. It is widely believed that any hawkish tone from the Federal Reserve with regards to the short term interest rates would lead to a down move for equity prices in the near term. Apart from the Federal Reserve, traders and investors would be closely watching the release of the ZEW business sentiment index report which would allow investors to understand if the German economy has entered into a sluggish period for the near term. The poor set of economic reports from China over the weekend would be seen as adding pressure to the DAX once it opens for trading in the European market hours.

On the daily charts, investors would be closely looking at the 9560 level as many believe any breach below that level can see a fresh downtrend to begin for the index. The momentum indicators for the index are showing first signs of tapering indicative of the shift of momentum towards the sell side in the near term. A breach below 9560 levels can see the index fall to levels of 9376 which is the next area of strong support for the index.

Actionable Insight:

Short DAX below 9560 with a short term target at 9376 with a stop loss at 9700

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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