DAX 30 Tries to Carve Out Low As Energy Shares Are On The Rise
- The DAX 30 has turned less bearish this morning as the sequence of lower swing highs in place since March 18 ended.
- Key levels to the index going forward are the March 10 low of 9398 along with the March 18 high of 10,118 and we do note that there is no strong trend in place for the index.
- There are no market-moving events on deck today. Overnight, a report showed that Chinese inflation rose by 2.3% YoY in March.
The DAX 30 (FXCM: GER30) is up by 0.88% at the time of writing as it tries to carve out a bottom. The top-gaining sector is the Utility Sector (Energy producers) which is up by 1.88% and the Information Technology Sector is the current loser and is lower by 0.30%
The DAX 30 found support already last week when it approached the March 10 low of 9398 on Wednesday. The index has today traded above Thursday’s high of 9700 which has ended the sequence of lower swing highs in place since March 18 and therefore neutralized some of the bearish bias toward the index.
Key levels to the index going forward are the March 10 low of 9398 and the March 18 high of 10,118. We do note that there is no strong trend in place for the index.
On a price trading below the March 10 low of 9398, the support levels which come into play are the February 24 low of 9123, followed by the February 10 low of 8705. Resistance levels beyond the March 18 high of 10,118 are the January 5 high of 10,400, followed by the December 29 high of 10,880.
There are no market-moving events on deck today. Overnight, a report showed that Chinese inflation rose by 2.3% YoY in March, unchanged from February’s reading. Food prices increased 7.6% from 7.3% in February and was the driver behind the growth in inflation. Inflation excluding food prices remained subdued, gaining 1% over the last year.
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
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