DAX 30: The Soft U.S. Markit PMI Service Should Keep Buyers at Bay
by
DailyFX News
Talking Points As long as the DAX 30 trades below Tuesday’s high of 9534, it may reach the February ...
Talking Points
As long as the DAX 30 trades below Tuesday’s high of 9534, it may reach the February 16 low of 9082 and the psychological level of 9000.
Yesterday’s soft U.S. Markit PMI Service should discourage traders from trying to pick a bottom in the DAX 30.
Today, Jobless Claims and Durable Goods Orders should set the tone.
The DAX 30 is firmly bearish below Tuesday’s high of 9534 and it appears that traders are using the current bounce to the February 19 low of 9319 as an opportunity to unload losing long positions and to turn bearish.
While price has corrected 38.2% of its latest downward leg (see chart below), it might correct up to 61.8% of its decline before price turns even lower. This makes the 9304 to 9414 interval a potential range for a reversal.
As long as the DAX 30 trades below Tuesday’s high of 9534, it may reach the February 16 low of 9082 and then the psychological level of 9000.
Yesterday, U.S. Markit PMI Service plummeted to 49.8 vs. a Bloomberg News poll projecting an outcome of 53.5. The weather has been blamed. However, the weak PMI Services reading was only one of many reports which have been on the soft side as of late. Earlier this week the Manufacturing PMIs from the U.S, E.U. and Japan failed to meet market consensus expectations. This should discourage traders from trying to pick a bottom in the DAX 30.
Today, Jobless Claims and Durable Goods Orders should set the tone and better than expected outcomes are needed to break the bearish trend. See our economic calendar for Bloomberg News consensus projections.
As long as the DAX 30 trades below Tuesday’s high of 9534, it may reach the February 16 low of 9082 and the psychological level of 9000.
Yesterday’s soft U.S. Markit PMI Service should discourage traders from trying to pick a bottom in the DAX 30.
Today, Jobless Claims and Durable Goods Orders should set the tone.
The DAX 30 is firmly bearish below Tuesday’s high of 9534 and it appears that traders are using the current bounce to the February 19 low of 9319 as an opportunity to unload losing long positions and to turn bearish.
While price has corrected 38.2% of its latest downward leg (see chart below), it might correct up to 61.8% of its decline before price turns even lower. This makes the 9304 to 9414 interval a potential range for a reversal.
As long as the DAX 30 trades below Tuesday’s high of 9534, it may reach the February 16 low of 9082 and then the psychological level of 9000.
Yesterday, U.S. Markit PMI Service plummeted to 49.8 vs. a Bloomberg News poll projecting an outcome of 53.5. The weather has been blamed. However, the weak PMI Services reading was only one of many reports which have been on the soft side as of late. Earlier this week the Manufacturing PMIs from the U.S, E.U. and Japan failed to meet market consensus expectations. This should discourage traders from trying to pick a bottom in the DAX 30.
Today, Jobless Claims and Durable Goods Orders should set the tone and better than expected outcomes are needed to break the bearish trend. See our economic calendar for Bloomberg News consensus projections.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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📣 Stay updated with the latest in finance and trading!
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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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