DAX 30 Claws Back Some Losses As Energy Shares Rise
- The German DAX 30 nevertheless remains bearish below this week’s high of 9906.
- German Export orders beat expectations.
- ECB’s Nowotny is set to speak.
The DAX 30 (FXCM: GER30) is up by 1.43% at the time of writing. The business press has cited higher crude oil and firmer metal prices as a possible support for European stocks. We also note that the Nikkei 225 (FXCM: JPN225) has managed to stabilize and is now trading at the same level as was seen on Tuesday. The Nikkei 225 has been under severe pressure over the last few weeks, dropping by 11.4% from its March high and thereby putting some pressure on global stocks.
This morning the latest German Exports figures were published and they beat expectations by rising 1.3% MoM vs. the 0.5% expected (Bloomberg news survey). Imports gained by 0.4% vs. an expected decline of 0.3%.
The technical outlook for the DAX 30 remains somewhat bearish given that price has been declining over the last few days. The current weekly high of 9906 is lower than the March high of 10,118, which also further reinforces that trend position.
However, selling has stalled near the March 10 low of 9398, which was also the ECB rate meeting low. The next support level beyond the March 10 low of 9398 is the February 24 low of 9122.
There are no DAX relevant macro-economic reports on deck today.
DAX 30 | FXCM: GER30
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.