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Diminishing Covid cases pushed DAX higher – DAX 30 Market Outlook – 08/02/2021


Coronavirus cases in Germany dropped to lowest levels since October 19 helping push the DAX30 index to fresh new highs as market participants now look forward to the release later today of German Industrial Production figures. Strong corporate earnings reports and progress in the distribution of vaccines have also encouraged investors to buy stocks, however, technical indicators hint for German shares to ware off slightly on profit-booking as the RSI signals overbought conditions and a key important resistance level at 14200 has not yet been breached, with 14100 coinciding with the 50-period moving average to act as support level.

Support: 14100 / 14000
Resistance: 14200 / 14300

SquaredFinancial Daily Market Outlook


SquaredFinancial Review

Source: https://www.squaredfinancial.com/learn/daily-market-outlook/diminishing-covid-cases-pushed-dax-higher-dax-30-market-outlook-08-02-2021
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