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What’s next? – DAX 14.08.17

14 August 2017 03:43 PM BDT
What’s next? – DAX 14.08.17

The DAX futures traded 0.93 percent higher at 12,118.0 points as of 07:30 GMT on Monday, recovering some positions as traders looked ahead of key economic data later this week. On Friday, Germany stocks dropped sharply to end below the 12,000 points, with telecommunication, financials and technology dragging the benchmark to the downside. The best performers of the session were Merck, which added 1.74 percent to 91.93, followed by Fresenius SE & Co growing 1.67 percent to 68.350 and E.ON up 1.52 percent to 9.258. The worst performers of the session were Commerzbank, which sank 1.60 percent to 10.750, Deutsche Bank falling 1.39 percent to 14.220 and Vonovia down 1.29 percent to 35.09. Last week, geopolitical tensions in the Korean peninsula affected market sentiment around the world, pushing world equities to the downside as uncertainty spreaded quickly among traders. Ahead this week, market players will count on a fresh reading of the German Q2 GDP. Economists estimate a 0.7 percent build q/q and a 1.9 percent expansion y/y. From a technical perspectiva, the index is now trying to hold above the 12,000 mark. In case that’s not possible, the benchmark could extend losses until the 11,500 depending on the economic data in the Eurozone and Germany itself. On the contrary, if the index is able to stay above the 12,000 level and extend its recovery, we could soon see an upward move to the 12,250 resistance. As we said not once, this stage seems to be a good time to open long positions if trading medium/long term.

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