DAX index started firmer in early trading after conflicting reports from the Iran-USA tensions. Investors sentiment improved after reports that the US was planning to pull out of Iraq. Later the US Secretary of Defence denied the reports.
Investors return to stock markets after gold and crude oil failed to hold their new highs and started correction in late US trading session.
DAX index started 0.92% higher at 13,252 boosted by Infineon Technologies AG +3.62%, Deutsche Bank AG +1.82%, Wirecard AG +1.61%, and Deutsche Boerse AG +1.66%.
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Dax 30 Index Returns Above the 50-day MA
Dax index strong opening giving the bulls the upper hand as the index returns above the 50-day moving average. On the technical side the Dax index momentum is positive and despite the geopolitical risks the index shows bullish signals.
On the upside, immediate resistance for the index is at 13,267.10 today’s top. The December 27th high is the next resistance while a break above will open the way for the 2019 high at 13,425.85.
On the flip side, first support for Dax index will be met at 13,188 today’s low. The 50-day moving average at 13,157 will provide the next support. If Dax breaks below, the next level to watch on the downside is 12,884 the low from December 10th.
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