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Well, it seems even the major stock markets can fall foul of the COVID-19 pandemic as the DAX stopped trading due to technical problems with Xetra today. The German DAX stopped trading whilst technicians attempt to solve the issue. In all seriousness, the problem seems to be with Xetra and technicians are working on systems now, with traders expecting a jump when it re-opens, assuming that they have not been furloughed.
European markets opened higher this morning as traders echo the hopes that the coronavirus outbreak could be coming to its plateau.
The German Economy Minister said that Germany has recently “seen some success in fighting COVID-19.” Also, French President Emmanuel Macron confirmed earlier the coronavirus epidemic in France has started to slow down. Italy and Spain, the two hardest-hit countries on the old continent, also both reported a fall in the number of new daily infections. This translated into temporary relief and when coupled with better than expected trade data from China, you can see why the markets are responding.
This hope of a rapid economic recovery after the corona crisis, assuming China comes in with a comparatively low economic loss from the pandemic, would be positive for the global economy.
DAX 30 Review From Last Session
During the last session, we saw the DAX 30 tag a session high of 10712 and a session low of 10307 giving us a range of 405 points, compared to the average daily range of 454. To summarise, after considering the previous day’s price action, it’s clear to see we had a very bullish session that ended up 225 points higher on the day. Optimism is high for now, despite the global risks of recession looming.
DAX 30 Key Levels
Taking a look at the key levels to watch today, watch out for the previous session Point of Control (POC) at 10626. Today’s initial balance is between 10671 and 10748, so watch for a momentum break of either of those two levels. The value area high is currently 10644 and the value area low is currently 10430.
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DAX Trading Strategy
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