Delayed Frankfurt - 09/17 05:45:00 pm

Reduced selling pressure as the 11,600 points approach

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08/13/2019 | 10:13 am
Opinion : Check out the trading range breakout 11570 / 12000 
German values are suffering the full brunt of the trade war. The recent high of 12630 points at the beginning of July seems far away, the DAX having lost more than 6% over the last sliding month.

The main components that drove the index down were mainly in the automotive sector, with BMW, Daimler and Volkswagen reporting bearish trends (between -8% and -9%). On the other hand, and in a more defensive way, RWE posted the best performance over the same reference period with +9.4%.

Graphically, in daily data, prices have just hit the 11570 points support a second time. A rebound can be set up to aim at rallying with the moving averages grouped around the 12000 points. It would take a decline below 11570 points to bring the index to new low areas, close to 11340 points.

Patrick Rejaunier
Zonebourse.com 2019
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