DAX index fell 1.4% to 10,611.10; Down 22% from 52-week highs
- Europe followed the FOMC and a sea of red in US stocks with losses of its own on Thursday.
- The DAX index, which is now down 21.6% from its 52-week high, fell 1.4% to 10,611.10.
Germany stocks were lower after the close on Thursday, as losses in the Technology, Food & Beverages and Retail sectors led shares lower. In general, European stocks were dragged down to their worst levels in two years with investor's deflated following the FOMC outcome.
- FTSE 100 closed 48 points or 0.7% down to 6,717.93
Best and worst
The best performers of the session in the DAX were Henkel & Co KGaA AG Pref climbing 1.12% or by 1.08 points to trade at 97.48 by the close. Meanwhile, Merck KGaA put up 0.13% or 0.12 points to close at 93.60 and Deutsche Boerse AG was higher by 0.05% or 0.050 points to 104.900 in late trade. On the flipwside, the worst performers were Deutsche Bank AG NA O.N. falling 7.04% or 0.530 points to trade at 7.000 by the close. Wirecard AG fell 5.22% or by 7.100 points to close at 128.850 while Thyssenkrupp AG O.N. ended down 3.61% or by 0.580 points to close at 15.500.
The previous Dec lows were taken out for a low of 10354 in after-hours trade which leaves scope for a test of 2016's Nov lows of 10033, below S3 at 10203. RSI is now entering oversold territory in the weekly outlook and daily RSI is marrying up with recent lows, entering oversold territory with the price submerged below the 10-D SMA. On a correction, bulls can target 10703 the pivot and then a break of the 10-D SMA at R2 opens R3 at 11035.
- Support levels: 10536 10472 10343
- Resistance levels: 10703 10804 10934