On Friday, we saw the DAX break, and close, below 13,000. that was the lowest closing level in over three months. However, the DAX is not giving up just yet. We saw a gap higher this morning. The market is targeting a return to the point of control 13097. Take a look at your market profile chart for downside targets. We saw plenty of exposed point of controls from late last year, that could attract price.
Last week was one of the most bearish weeks since August last year. The coronavirus continues to worry traders as more people have died from it from sars 17 years ago. The stock markets will start training again in China and are expected to slide after their holidays. The Chinese central-bank have pledged financial support with a cash injection and cut in interest rates. So at the moment, the markets are under pressure, but as soon as we see the first signs of the virus clearing, things will probably return to be bullish again.
We are in the middle of the corporate reporting season. The medical tech group Siemens Healthineers began the new financial year with declining profits, failing to meet market expectations. Stay bless confirmed its targets for the new financial year, despite a poor first quarter. Wildcard shares boosted by news of a planned billion Euro merger in the payment industry.
DAX Key Levels
|Point of Control||13097|
|Value Area High||13120|
|Value Area Low||12925|