OctaFX | OctaFX Forex Broker
Open trading account

European close: DAX down by 1.54%, eyes on S3 at 10344

  • The DAX hit a fresh 52-week low on Monday.
  • The DAX was weighed by Media, Chemicals and Construction industry, closing at 10,622.07 and down by 1.54%.

European markets struggled on Monday and were weighed by persistent risk-off sentiment following a poor ending for US shares on Friday and general risk-off due to the political drag in European markets. - (The Stoxx Europe 600 SXXP was closing down 3.37% last week, the biggest percentage decline since the week ending October 12 2018).

  • European close: FTSE extends daily losses on Brexit shambles, UK data and RSI points to further losses below Dec 2016 support

The DAX hit a fresh 52-week low on Monday, weighed by the Media, Chemicals and Construction industry, closing at 10,622.07 and down by 1.54%. While the focus was mainly elsewhere, with continued uncertain over Brexit and world trade relations, domestically, Germany’s Federal Statistical Office released proving that the country's trade surplus with the rest of the world has narrowed. Investor concerns over global growth continue to weigh. The U.S. and China have struggled to meet common ground over trade and US stocks are making new ground to the downside of which the DAX is tracking also. 

The best of the index today came from Fresenius SE & Co KGAA O.N. which was climbing 2.28% or 0.890 points to trade at 39.880 by the close, Vonovia SE adding 1.19% or 0.50 points to close at 42.58 and Linde PLC which managed to add 0.07% to close at 136.300. Deutsche Bank AG NA O.N. dropped 5.62% or 0.433 points to close at 7.272. Bayer AG NA lost 4.15% and closed at 60.80 while Covestro AG fell 4.14% and ended at 43.350.

DAX levels

Support levels: 10597 10434 10425

Resistance levels: 11437 11556 11670

There is scope for the DAX to break towards S3 at 10344, although the weekly and daily dojis should be a warning to bears that the index is on the verge of a correction. However, RSI has room to run until it breaches 30 and into oversold territory. The Bulls need to get back above the 50-D SMA at 11464 after a break of the 23.6% Fibo target at 11411. 


EUR/USD drops to test key support at 1.1355

The EUR/USD pair weakened during the American session and reversed, after hitting the highest level in almost three weeks, on the back of risk aversio
Read more Previous

Canada: Housing starts are recording their first increase in four quarters - NBF

Data released today showed that housing starts in Canada rose for the second month in a row in November to 215K. National Bank of Canada analyst, Kyle
Read more Next
Start livechat