July 11, 2016

MXTrade, Daily Fundamental Analysis -DAX Remains Below Recent Swing Highs-


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This article is originally referred from MXTrade Daily Fundamental Analysis.

After DAX was reported to be one of the weaker stock markets compared to other major global indices last week, it has failed to muster regaining experience over the recent Britain’s vote, leaving the European Union, which highlighted an insight as to where “sellers are living”.

As it has managed to push through an area of resistance in a range of mid-9600s, DAX has lost its momentum amid Friday/Monday’s session and was followed by an area of resistance in the 9730/820 zone.

The slump from resistance has sent the index to decline towards the lows extracted in the immediate aftermath of the “Brexit” vote, suggesting a weak market.

Subsequently, as the trend structure remained unclean, there were several lower highs and lower lows seen that continue to weigh.

If low prices will persist, the trend is expected to mature itself in the not-too-distance future. Thus, if DAX will stay below earlier swing highs at 9812, the following lower low is anticipated to settle below 6/24 low at 9161.

Apparently, if the DAX is viewed on a bearish position given a poor technical posturing and relative weakness, picking up momentum towards the February low at 8695 is expected once a lower low will persist.

As the record highs are set in April 2015, the said momentum will continue to weigh on a downward trend. In contrary, if DAX will post higher, which is fueled by a successful retest of earlier lows, and it can halt the recent swing high, then a bullish alternative is considered.

DAX Volatility Index Drop

Germany stocks edge higher during Thursday’s session after the market closed, boosted by advancing shares in the sectors of Food & Beverages, Utilities and Technology.

The DAX has seen a 0.49% increase, while the MDAX index climbed about 1.03%, and the TecDAX index rose 1.96% at the close in Frankfurt.

Among the best performers amid DAX’s session were RWE AG ST O.N., which rallied 4.47% or 0.625 points to changed hands at 14.615 in late trade. E.ON SE NA rose 2.72% or 0.240 points to settle at 9.060 and Infineon Technologies AG NA O.N. advanced to 1.75% or 0.210 points to 12.220 at the close.

Adidas AG NA O.N., is one of the worst performers amid session, which declined by about 1.13% or 1.450 points to changed hands at 126.550 in late trade. Vonovia SE lost 1.12% or 0.36 points to settle at 31.91 and Linde AG O.N. dropped 1.11% or 1.350 points to 120.650 at the close.

Advancing stocks outnumbered dropping ones on the Frankfurt Stock Exchange with a range between 652 to 205 and 33 remained unchanged.

Meanwhile, “Suedzucker AG stocks” advanced to 52-week highs, which has seen a 7.81% increase or 1.535 to 21.190.

The DAX volatility index, which gauges the implied volatility of DAX options, declined by about 50.9% to 24.23.

In other recent news, European stocks remained flat amid session, as the market was put to a halt ahead of a key U.S. employment report that scheduled within the day, as well as concerns against the post-Brexit effect started to ease.

The EURO STOXX 50 remained steady at 0.09% at the close, while France’s CAC 40 climbed 0.10% and Germany’s DAX rose 0.40%.

Market participants were closely watching on the U.S. nonfarm payrolls report scheduled later Friday, for further signs of a strengthening job market after announcing an upbeat data on Thursday.

However, investors remained cautious as the “BREXIT” effect continues to heighten concerns over the consequences of the U.K. vote on the country’s economy, including the global economy.

Original Source: MXTrade Daily Fundamental Analysis

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