- Summary:
- The Dax is set to open higher as U.S. and U.K. indicies lead the way in early trading. The Dax closed just shy of the 13,315 resistance.
The Dax index is set to open higher as U.S. and U.K. indices lead the way in early trading. The Dax closed just shy of the 13,315 resistance from summer of this year and a strong close into the weekend could see further gains into year-end.
A headwind for today’s open could be lower-than-expected consumer confidence with a read of -6.7 compared to expectations of -5 and double the loss of -3 of last month. Further gloom for the German index is the news that Germany will extend its lockdown measures further into December.
It was reported yesterday that the DAX will expand in September 2021 to 40 companies from the current 30. The rules for membership will also tighten as Deutsche Boerse seeks to avoid a repeat of the Wirecard fiasco. The company’s stock collapsed only two years after inclusion to the Dax and ruined the country’s reputation as a safe haven.
Dax Technical Outlook
The Dax is still hovering at the 13,315 level which was resistance from July to September. A close above here into the weekend could see the index move to the 13,800 highs into year-end. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.
Dax Index Daily Chart
