DAX Index Consolidates Ahead of Brexit Deal Vote

DAX Index trades almost unchanged in European trading   session as investors adopt a cautious optimism ahead of another critical vote in UK Parliament. DAX index has gained over 11% since the August lows and 20,75% in 2019.

Dax index is 0.03% higher at 12,749 having hit the daily low at 12,730 and the daily high at 12,782 boosted by SAP SE +1.41%, Infineon Technologies AG. +0.99% Vonovia SE +1.07%, Daimler AG +0.80%, Continental AG +0.7222%, and RWE AG +0.48%.

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Dax Index Resistance and Support

DAX looks north as the short term bullish momentum holds strong above the major daily moving averages and an attempt to yearly highs might be the possible scenario for now. Today’s consolidation move just reaffirms the recent bullish momentum which started from August 15th lows (11,275) as the index breached the 50-day moving average and the 100-day MA. On the upside where traders shifted their attention, the immediate resistance is at 12,782 today’s high, a convincing break above might drive prices up to 12,970 the high from June 18th. Bulls will gain momentum if Dax Index returns inside the ascending channel which started back in December 2018. On the downside, immediate support for DAX index stands at 12,730 today’s low, while sellers below that level will target the 100-day moving average at 12,179. Next support level for index stands at the 50-day moving average at 12,144.

In London the FTSE 100 adds 0.13% at 7,173 as the pound trades at 1.2936,  CAC 40 is 0.42% lower at 5,624. In Wall Street, Dow Jones futures, are 0.09 per cent lower at 26,772, the S&P 500 is 0.10 per cent lower at 3,003 while Nasdaq is 0.06% lower at 7,943.Download our latest quarterly market outlook for our longer-term trade ideas.

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