Markets have been struggling to find a clear direction split between :
a. improving macro and solid quarterly earnings
b. corona virus uncertainty and simply the need for respite after a huge 2019.
With most of the Fangs having released their numbers, the effect of earnings could be waning. Additionally, without any new bullish catalyst expected in the short-run (phase one deal is priced), the bears could be taking the upper hand.
DAX intraday : The downside prevails as long as 13380/400 holds. The index held below pivotal point 13380/13400 and could be aiming the 13000 level.
Intraday supports: 13150 (previous low), 13000, 12900
Intraday resistance 13200 (week pivot ), 13311 (gap), ***13380/400
The technical rebound of yesterday did not extend, suggesting the downside is not over. On the daily chart, technicals are weak with falling RSI, MACD nearing the zero, and a move back below the 50d moving average. A breach below 1300 would pave the way for major support at 12635.
a. improving macro and solid quarterly earnings
b. corona virus uncertainty and simply the need for respite after a huge 2019.
With most of the Fangs having released their numbers, the effect of earnings could be waning. Additionally, without any new bullish catalyst expected in the short-run (phase one deal is priced), the bears could be taking the upper hand.
DAX intraday : The downside prevails as long as 13380/400 holds. The index held below pivotal point 13380/13400 and could be aiming the 13000 level.
Intraday supports: 13150 (previous low), 13000, 12900
Intraday resistance 13200 (week pivot ), 13311 (gap), ***13380/400
The technical rebound of yesterday did not extend, suggesting the downside is not over. On the daily chart, technicals are weak with falling RSI, MACD nearing the zero, and a move back below the 50d moving average. A breach below 1300 would pave the way for major support at 12635.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.