Dax to 13600
Dax flirts with all time high
Share this:
The German Dax led the charge northwards in Europe, rallying an impressive 1.3%, pushing to close near the key psychological level of 13500. The swift advance has brought the Dax’s all-time high of 13600 squarely back into view.
Stronger than forecast German industrial production figures have helped buoy sentiment, particularly after yesterday’s dismal German factory orders data. Industrial production month on month came in at 1.1% in November, ahead of expectations of 0.7%. The yearly reading also beat forecasts at -2.6%.
The upbeat data combined with ebbing tensions in the Middle East and the expected signing of a phase one US – China trade deal next week has given Dax bulls plenty to cheer. It is a question of when, not if the Dax will reach a fresh all-time high. The answer is looking to be sooner rather than later.
Levels to watch:
Dax jumped to a fresh two year high and is currently sitting at 13500. Today’s solid gains support the bullish outlook for the Dax which is trading above its 50, 100 and 200 sma.
Near term resistance is today’s high of 13521, followed by the all time high of 13596 (January 2018).On the flipside immediate support can be seen at 13467, today’s low, followed by 13110, the low from the previous session.
The outlook here is bullish. Although an escalation in geopolitical tensions could put pressure back on the Dax.
The German Dax led the charge northwards in Europe, rallying an impressive 1.3%, pushing to close near the key psychological level of 13500. The swift advance has brought the Dax’s all-time high of 13600 squarely back into view.
Stronger than forecast German industrial production figures have helped buoy sentiment, particularly after yesterday’s dismal German factory orders data. Industrial production month on month came in at 1.1% in November, ahead of expectations of 0.7%. The yearly reading also beat forecasts at -2.6%.
The upbeat data combined with ebbing tensions in the Middle East and the expected signing of a phase one US – China trade deal next week has given Dax bulls plenty to cheer. It is a question of when, not if the Dax will reach a fresh all-time high. The answer is looking to be sooner rather than later.
Levels to watch:
Dax jumped to a fresh two year high and is currently sitting at 13500. Today’s solid gains support the bullish outlook for the Dax which is trading above its 50, 100 and 200 sma.
Near term resistance is today’s high of 13521, followed by the all time high of 13596 (January 2018).On the flipside immediate support can be seen at 13467, today’s low, followed by 13110, the low from the previous session.
The outlook here is bullish. Although an escalation in geopolitical tensions could put pressure back on the Dax.
Related tags:
Latest market news
Open an account in minutes
Experience award-winning platforms with fast and secure execution, and enjoy tight spreads from 0.5 pts on FX and 0.3 pts on indices.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
S&P 500 forecast: Stocks extend drop as correction risks grow
US and global equity markets have extended Wednesday’s sell-off, with Wall Street opening lower after a weak handover from Asia and Europe. The deterioration in risk appetite has been spreading across global markets. The dollar was firmer, Treasury yields were holding onto yesterday’s gains, while gold, silver and bitcoin were all under pressure alongside equities and major currencies.
ASX 200 Rebound Stalls Despite Wall Street Surge
The ASX 200 rebound is struggling for traction despite a powerful Wall Street rally, leaving 8800 resistance and downside risks in focus.
Nikkei threatens breakout as tech rebound broadens
Breakouts across the SOX and Nasdaq are being matched by rebounds across Asia, with the Nikkei now threatening to join the move.
This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.
StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.
In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.
StoneX Financial Pte. Ltd. is not under any obligation to update this report.
Trading CFDs carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit www.forex.com/en-sg/terms-and-policies for the complete Risk Disclosure Statement.