DAX Index Higher on Stronger Consumer Confidence Data
Dax index trading higher above the 50-day moving average as investors await the Fed monetary policy decision later today. Stronger results from Apple after Wall Street close boost stock traders sentiment. While the coronavirus continues to spread in China and in other countries. There are now 5974 confirmed cases and 132 deaths.
On the economic data, the Gfk Consumer Confidence Survey came in at 9.9 beating expectations of 9.6 in February. On the other hand the Germany Import Price Index came in at 0.2%, below the estimates of 0.3% in December. The yearly reading came in at -0.7% also below forecasts of -0.6%.
Dax started the trading session cautiously higher and as of writing is 0.20% higher at 13349. The index managed yesterday to regain the 50-day moving average providing breath for the bulls.
On the upside now, first resistance for the Dax stands at 13,363 today’s high. The next resistance will be met at 13401 the high from January 27th. The record high at 13,642 is the next barrier to the upside.
In the downside the initial support will be met at 13303 the daily low. The 50-day moving average is the next critical support which if pierced the sellers will be in control. The strong base at 12962 is the area that provided support in November and December for the Dax.