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Germany’s DAX 30 lost 0.29% to close at 10,740.89, down -31.31 points

  • Germany’s DAX 30 lost 0.29%  to close at 10,740.89,  down -31.31 points with losses in the Pharmaceuticals & Healthcare, Utilities and Software sectors. 

European markets were mixed on Tuesday, taking their cues from poor sentiment for global economic growth while investors waited for the results for the FOMC meeting that concludes on Wednesday, among other central bank forecasts that are to come from the likes of the BoE.  Oil prices have also been a focus following Monday's drop that was extending on Tuesday as investors remained jittery over an expected U.S. interest rate hike.

Fed outlook

"There is plenty on market participants’ minds as 2018 draws to a close, but the Fed and its plans for tightening over 2019 will be near the top of the list. It would be a big surprise tomorrow if the Fed didn’t lift rates again (although Trump is certainly piling the pressure on). Instead, much of the debate resides in how aggressively it intends to tighten next year. Recent Fed rhetoric has reinforced the data dependency of its tightening path, so perhaps the ‘dots’ should be discounted to a degree (given data, by its very nature, is uncertain)," analysts at ANX explained. 

Best and worst

The top two performers of the session on the DAX were Deutsche Lufthansa AG adding 1.88% or 0.355 points to trade at 19.260 by the close with Covestro AG coming in next, adding 1.77% or 0.760 points to end at 43.670. The worst two performers of the session were Fresenius SE & Co KGAA O.N. that fell 2.38% or by 1.000 points to end at 41.000 while Merck KGaA lost 2.02% or 1.94 points to close at 94.26.

DAX levels

  • Support levels: 10650 10537 10403 
  • Resistance levels: 10897 11031 11143

The DAX is consolidating on the weekly sticks following that fierce drop at the end of the month from the 11500's with indecisive price action at this juncture, submerged by bearish moving averages. Meanwhile, technical indicators are flat within this bearish territory. MACD is less bearish on the daily and 4hr outlook as price oscillates around the pivot of 10784 albeit upside attempts capped by the recent Dec forming descending channel's resistance leaving little scope for a test of R1 at this juncture until breached. 

 

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