DAX index entering the Christmas week on positive mood after the U.S. President Donald Trump said that China and USA would very shortly sign the Phase One trade deal. Dax has registered 26.10% since the beginning of the year while for December is 0.52% higher. On Friday Wall Street indices finished higher making fresh all-time highs.
The Germany Import Price Index (month over month) came in at 0.5% above forecasts of 0.4% in November, the yearly reading for Import Price Index increased to -2.1% from previous -3.5%.
On the economic data last week from Germany the Gfk Consumer Confidence Survey dropped at 9.6, below forecasts of 9.8 in January. The Ifo data showed that there are some signs of improvement in the German economy.
Later on the day traders await the durable goods orders for November and new home sales for November.
Dax 30 started the week 0.02% higher at 13,321 as the bullish momentum drives global stock indices to multi-month highs. The Dax index continues inside the ascending trendline which supports DAX since the beginning of 2019.
Bulls are in clear control of the trend and will meet the first resistance at 13,330 the daily high. Next barrier to the upside will be reached at 13,425.85 the yearly high. A break above the yearly high will attract more bids that will target the 13,596 top from January 22nd 2018.
On the contrary, the Dax index immediate support stands at 13,303 today’s session low. The 50-day moving average at 13,071 will provide significant support. If the index breaks the 50-day moving average then the next target for bears is at 12,556 the 100-day MA.