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Brexit pessimism weighed on DAX – DAX 30 Market Outlook – 07/12/2020

SquaredFinancial

European stock futures were pointing higher earlier this morning, however, the risk mood is looking more tepid now as the market looks to be taking a bit of a breather despite better than expected German industrial output released earlier this morning. The 3.2% growth in industrial output driven mainly by booming car sales is a further sign that the German economy is off to a solid start in Q4. Technically however, the Dax index is now trading below near term moving averages and the RSI is pointing lower suggesting weakness ahead and therefore testing support levels at 13200 and 13140 is a highly likely scenario.

Support: 13140/ 13070
Resistance: 13280/ 13430

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Source: https://www.squaredfinancial.com/learn/daily-market-outlook/brexit-pessimism-weighed-on-dax-dax-30-market-outlook-07-12-2020-2
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