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DAX Stops at a Major Resistance

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Written By: Senad Karaahmetovic

Oct 25, 2019, 08:55 BST 08:55

Dax Index

Summary:

DAX Index has opened 0.11% higher this morning but has rotated back lower as investors wait for the further developments in Brexit and US-China trade talks.

DAX Index has opened 0.11% higher this morning but has rotated back lower as investors wait for further developments in Brexit and US-China trade talks. It hit a major resistance near the 12900 handle yesterday as it continues to test the 15-month high of 12887.

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Early this morning, The GfK Consumer Confidence came at 9.6, which is lower than 9.8 expected by market analysts. This is an important indicator as it measures the level of consumer confidence in economic activity.

Technically, DAX Index hit the major resistance yesterday in the context of 78.6% Fibonacci retracement of the June 2018 high – December 2018 low. Furthermore, DAX Index is also retesting the 2018 July high. On the downside, intraday support is located at 12815.

For more on DAX Index, see DAX Index Reaches New 2019 High, German PMI Disappoints