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Germany’s DAX closed down by -0.04% to 10,924.70 losing 4.73 points

  • European markets were mixed on Thursday. Germany’s DAX closed down by -0.04% to 10,924.70 losing 4.73 points. 
  • European Central Bank was the main focus.

The European Central Bank meeting was taking the limelight while Brexit issues and optimism over global trade was put on the back burners for the time being. The ECB remains on hold and said that it is likely to stay at current levels through summer 2019 affirming its plans to end its quantitative easing program. However, there was a sense of increasing caution from Draghi.

The Council still sees risks as broadly balanced, but crucially, Draghi added that they “are moving to the downside” and has thus sent the message to markets that the ECB has the option to change its risk assessment and forward guidance if the data doesn’t improve early-2019.

  • ECB lowers 2018, 2019 growth forecasts, cuts 2019 inflation outlook

Best and worst

As for the performers in the DAX, Bayerische Motoren Werke AG traded last at 74.07, adding +1.35 points or 1.86% while RWE AG traded at 19.54 by the close, adding, +0.28 points or 1.45%. E.ON SE last traded at 9.20, adding +0.09 or 1.03% for the day.  Covestro AG last traded at 43.66, losing -1.22 points or -2.72% while Fresenius SE & C0 KGAA traded last at 41.55, losing -0.93 points of -2.19%. Fresenius Medical Care AG last traded at 61.32, down by -1.26 points or losing -2.01% into the close. 

DAX levels

The DAX's series of higher highs and lows was capped by the 10-D SMA and the index rests around the pivot as the DMI heads towards neutral territory.R3 is the next key target located at 11199 should the price get above the 10-D SMA and confluence of R1 located at 11021. The 50-D SMA at 11380 meets the 23.6% Fibo objective at 11411 as the upside target above R3. Daily RSI is less positive and points to a period of consolidation.

  • Support levels: 10843 10729 10665 
  • Resistance levels: 11021 11086 11199  

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