European Stocks Jump As Mood Music Improves
Fiona Cincotta March 31, 2020 3:03 AM
Dax to test 10150 as sentiment continues to improve?
After a stronger finish in Europe on Monday, European stocks have jumped higher on the open again today. The mood in the market is showing signs of improving despite mixed headlines. With equities markets now moving higher for 4 of the past 5 sessions investors are debating whether there are grounds for a sustained move higher.
The biggest cap on sentiment is owing to the amount of uncertainty still out there. We don’t know how long the lock downs will continue for and whether there will be a second wave of infections when restrictive measures are eased. Furthermore, we have no idea what state the global economy will be in when we come out the other side. These fears are likely to limit gains
Dax levels to watch
The Dax has jumped 1.5% on the open, trading around the key psychological level of 10000, the top end of its trading range. On the 4 hour chart the Dax trades above its 50 and 100 sma. A close above 10150 could see more bulls buy in.
Immediate support can be seen at 9779 (today’s low) prior to 9460 (100 sma) and 9350 (50 sma and low 29th March)
Immediate resistance can be seen at 10150 (high 25th March) prior to 10750 (high 11th March) and 11150 (200 sma).
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.