Yesterday’s trading day was likely to have been a big disappointment to most investors.
The recovering euro made the price gains melt away. In the end, the German leading index even slipped into the loss zone. The otherwise strong November was weak this year with a minus of 1.5%. Now market participants hope that things will pick up again in December. Statistically, the DAX was able to gain significantly in the last few weeks of the year. In the past, the gain averaged 1.13%. Before the stock exchange, we see the domestic stock market barometer with 13,023 points hardly changed. The euro against the US dollar is currently up about 0.2% to $ 1.1923.
Dates of the day US: ISM Manufacturing PMI November (4:00 pm)
The resistance duel at 13,134 / 13,111 points, consisting of the 23.6% fibonacci level and the 20-day average line, is currently not in passing. Also yesterday, the DAX briefly looked over, at the end of the day, the above-mentioned chart brands could not be beaten on closing price basis.
The mentioned barriers should be cleared out of the way. Only then would the record high of 13,525 points from the beginning of this month be the technical target. If the jump over the resistance bundle, it can go back down quite quickly. The 50-day smoothing line at currently 13,065 points was already below yesterday. Other supports include the psychological mark at 13,000 points, the former record high of 12,951 points and the 38.2% retracement at 12,892 points.
DAX on a daily basis
Source: IG Trading Platform
Up-to-date analyzes and comments on current market developments and the individual asset classes can be found at https://www.ig.com/de/markt-news-und-analysen. The content of this article does not constitute a financial analysis. It is an advertising communication that does not comply with all legal provisions to ensure the impartiality of financial analysis and is not subject to a trade ban prior to publication of the analysis. This promotional message is provided to you by IG Markets Limited (IG). This is the non-binding opinion and market assessment, which an individual investment advice can not replace. The contents are created by IG according to required expertise, care and diligence. This content is provided for informational purposes only and does not constitute an offer to sell, purchase or otherwise trade CFDs in any of the investment securities referred to. The content of this advertisement does not constitute investment advice or recommendation. Past performance, simulation or guidance is anticipated not a reliable indicator of future performance. Before acting on information contained in this publication, you should seek further advice from a financial adviser or financial professional. IG has gem. WpHG §34 neither long nor short positions in the mentioned titles or similar financial instruments on the titles discussed. Contributors may be in possession of the financial instruments discussed. This basically creates the possibility of a conflict of interest.
Risk Warning: Securities are subject to price fluctuations. CFDs are leveraged financial products. Trading in CFDs carries a high level of risk and may not be appropriate for every investor. Trading in CFDs can not only lead to a total loss of your invested capital, but also result in additional losses. Make sure that you have fully understood all the risks involved and, if necessary, seek independent advice.
The analysts of IG inform twice a day about the current development and its background on the capital markets. The above text reflects the opinion of the respective columnist. Finanzen.net GmbH assumes no responsibility for its accuracy and excludes any recourse claims.