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DAX Index Higher after Geman November Ifo Came in Line with Expectations

DAX index

DAX Index started the week higher, as investors hope that a trade deal can be reached during December after Chinese government said that would raise fines on intellectual property violations. The Germany IFO – Business Climate index came in at 95 inline with expectations in November, the Current Assessment index came in at 97.9 as expected by analysts, while the Expectations index came in at 92.1, below forecasts of 92.5 for November.

Macro data shows that the German economy might leave the worst behind after the stronger manufacturing PMI reading the previous week.

Meanwhile, Christine Lagarde in an interview asked euro zone governments to boost local demand after as a long global trade war weigh on global economic growth.

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Dax Index Resistance and Support

Dax index adds 0.48% at 13,227 today enhancing the positive momentum as the Dax benchmark trades above all major daily moving averages and the price returns inside the ascending channel which started back in December 2018. Recent pullback helped the index to exit from the overbought area according to the RSI 14  index.

Intraday resistance stands for Dax at 13,269.97 the daily high while a convincing move above that resistance level might drive the Dax index to yearly high at 13,375.

On the downside, Dax will find support at today’s low at 13,221.81 while the ascending trendline crossing at 13,131 might offer some extra bids. In case that the Dax benchmark breaks below the ascending trendline, the sellers will take the upper hand  and might target the 50-day moving average at 12,721.More content