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DAX 30 & FTSE Technical Forecast for the Week: Volatility is Back

DAX 30 & FTSE Technical Forecast for the Week: Volatility is Back

2020-03-07 10:00:00
Justin McQueen, Analyst
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DAX 30 & FTSE 100 Analysis and News

  • DAX | Clinging onto Support
  • FTSE 100 | Key Support to Offer Temporary Bounce

Equity market volatility remains elevated, as such, with uncertainty continuing to plague global markets, the bottom appears yet to be reached. An implosion on global bond yields as central banks (Fed, BoC, RBA) ease monetary policy, provides a worrying signal for equity markets.

DAX 30 | Clinging onto Support

The DAX fails to escape the equity carnage as the closes the week with losses of 2.9%. After the Fed provided an emergency cut, all eyes will be on the ECB as they look to announce a series of measures to aid the Eurozone. On the technical front, the DAX remains weak with bounces proving short-lived. That said, 11,500 has held thus far for the DAX, although with risks remaining tilted to further declines, eyes will be on the July 2019 lows.

Germany 30 BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 18% 64% 43%
Weekly -6% 32% 15%
What does it mean for price action?
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Support

Resistance

11500

-

12000

200WMA

11265

July 2019 low

12290

Weekly High

11036

76.4% Fib

12500

-

DAX 30 Price Chart: Daily Time Frame

DAX Price Chart

Chart by IG

FTSE 100 | Key Support to Offer Temporary Bounce

Little respite for the FTSE 100 after posting its largest sell-off since the financial crisis, the index extended on its losses, closing the week down 1.8%. As such, with rising volatility keeping the FTSE 100 on the backfoot, the index sets its sights on for a test of 6419 (61.8% Fib). However, while this may offer an opportunity for a short-term bounce, the absence of positive news would likely see a bounce remain shallow.

Support

Resistance

6419

61.8% Fib

6703

50% Fib

6400

-

6856

Weekly High

6200

-

6900

-

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FTSE 100 Price Chart: Weekly Time Frame

FTSE 100 Price chart

Chart by IG

How to Trade FTSE 100

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--- Written by Justin McQueen, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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