DAX index Successfully Tests the 200 Day MA
DAX index rebounds today adding 0.40% higher at 11,710 as investor’s digest the latest developments in US – China trade war. DAX index trading close to two month lows, as the index yesterday tested successfully the 200 day moving average at 11,641. Germany Factory Orders s.a. (month over month) came in at 2.5%, above topping expectations of 0.5% in June the annual Factory Orders n.s.a. came in at -3.6%, beating expectations of -7% in June.
Recent disappointing macro news support a dovish tone from ECB as poor economic data may push the European Central Bank to proceed with further stimulus to support the EU economy in September.
DAX momentum is negative after the index broke below the 12,000 mark and the 100 day moving average. Immediate support for the DAX index stands at 11,641 the 200 day moving average while extra bids will emerge at 11,000 round figure. On the upside immediate resistance stands at 11,728 daily high and then at 12,094 the 100 day moving average.
In London the FTSE 100 index adds 0.04% at 7,226, while CAC 40 is 0.63% higher at 5,276. In Wall Street, the futures also trading higher, the Dow futures are 0.79 percent higher at 25,750 while the S&P futures are 0.82 percent higher at 2,854 and the Nasdaq is 1.12% higher at 7,468, signaling a positive start for U.S. equities.Don’t miss a beat! Follow us on Twitter.