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German DAX index ends 0.71% higher

German DAX index ends 0.71% higher

German DAX index has managed to push through the 11,751 resistance level overnight, helping point towards a continuation of the gains seen since Tuesday’s lows.

8 August 2019 | SQUARED DIRECT – The DAX ended 0.71% higher on Wednesday despite disappointing economic data and earnings reports. Germany’s industrial production fell below expectations and highlights the nation’s weak manufacturing sector to which markets expect the ECB would respond with monetary policy easing.

Providing support amidst global trade uncertainty is the Chinese yuan’s stabilization against the dollar and the prospect of a meeting between the US and China in September. There are no major economic releases today and trade sentiment should dominate price action on the DAX.

German DAX index technical analysis

The DAX fluctuated between gains and losses within the range of 11550-11750 before ending 82 points higher at 11650. The short-term uptrend may persist as the index is seen recovering since bottoming at 11444 on Tuesday and the daily RSI reading has exited the oversold territory. Look to the 200-day MA at 11650 to determine near-term direction on the DAX.

Above 11650, buying pressure holds while a sustained move above the resistance at 11750 would be required to target 11830 followed by 11880. Alternately, a sustained move below 11650 would indicate selling pressure and target the support at 11560.

Support: 11650/11550
Resistance: 11830 /11880

Chart (4H)

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