DAX Index Trades Higher After Stronger ZEW Survey for Economic Sentiment

Summary:
• DAX Index trades higher midday adding 0.53% at 13,268 after stronger ZEW data; The Germany ZEW Survey for Economic Sentiment came in at -2.1

DAX Index trades higher midday adding 0.53% at 13,268 after stronger ZEW data; The Germany ZEW Survey for Economic Sentiment came in at -2.1 beating expectations of -13 in November, while the Current Situation ZEW Survey came in at -24.7 below expectations of -22 in November.

Traders today will closely follow Donald Trump’s speech in New York for fresh clues on the trade talks.

Dax Index Important Levels

DAX bullish momentum is still intact despite the recent pullback as the Dax index trades close to yearly as the Dax benchmark trades above all major daily moving averages and inside the ascending channel which started back in December 2018. Dax is trading in overbought level as the RSI 14 hovers at 73.21 a level that might trigger profit-taking.

As traders focus is in on the upside, the immediate resistance stands at 13,291 today’s high, a convincing break above that level might drive the index up to 13,368 the high from January 29^th, 2019. Bulls control the momentum for Dax benchmark as long as the index trades inside the ascending channel which started back in December 2018.

On the flip side, immediate support for DAX index stands at 13,214 today’s low, while sellers below that level will target the 13,000 mark where the ascending trendline provides support. Next support level for DAX index stands at the 50-day moving average at 12,545.

In London the FTSE 100 adds 0.37% at 7,355 as the pound trades at 1.2834,  CAC 40 is 0.20% higher at 5,904. In Wall Street, Dow Jones futures, are 0.05 per cent higher at 27,672, the S&P 500 is 0.03 per cent higher at 3,088 while Nasdaq is 0.08% higher at 8,256.