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DAX 30 Trades Lower As Energy Shares Take a Hit

DAX 30 Trades Lower As Energy Shares Take a Hit

2016-04-05 08:51:00
Alejandro Zambrano, Market Analyst
Share:

Talking Points

  • The share price of energy producers E.ON and RWE AG have taken a hit and are subsequently pulling the DAX 30 lower.
  • German factory orders, out this morning, declined by 1.2% MoM vs. prior expectations of a 0.3% gain.
  • The next level of support for the DAX 30 is the March 10 low of 9400 followed by the February 24 low of 9122.
  • Eurozone Retail Sales and ISM Non-Manufacturing are on deck and may affect the DAX 30.

The DAX 30 (FXCM: GER30) is lower by 1.62% at the time of writing. The biggest losing sector right now is the utilities sector, with firms such as E.ON and RWE AG, both of which are involved in energy production, suffering.

The softness in the energy shares may potentially be linked to the softer crude oil price, which the business press linked to the softness in Asian stock markets overnight. We note that the biggest losing sectors in key markets such as the FTSE 100 are also Energy shares and Materials (commodities).

German factory orders, out this morning, declined by 1.2% MoM vs. expectations of a 0.3% gain. Year-on-Year factory orders are up by 0.5% vs. the 2.2% expected.

The next level of support for the DAX 30 is the March 10 low of 9400 followed by the February 24 low of 9122. Yesterday’s high of 9903 is a short-term resistance level, while the March high of 10,120 is a stronger resistance level.

Eurozone Retail Sales and ISM Non-Manufacturing

Eurozone retail sales are due this morning and expected to show a YoY growth of 1.9%, a slightly slower pace than the 2% in January. This may affect the DAX 30.

In the afternoon, we can look towards U.S. Trade Balance and ISM Non-Manufacturing reports, with the latter likely grabbing most of the attention given that it provides an insight into the important U.S. service sector. Economists project the ISM Non-Manufacturing sector to have gained to 54.1 from 53.4.

Our forecasts for Q2 2016 are now live on the site. Download them for free.

DAX 30 | FXCM: GER30

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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

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