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DAX 30 Daily Price Analysis – A Bullish Stance Amid Economic Uncertainty

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dax30 germany market analysis 2

DAX 30 displayed resilience yesterday, with bullish momentum carrying through to today, amidst key economic releases and expectations from the ECB. Now at a critical resistance level, the price may either retrace from here or break out and continue its bullish move.

Key Points

  • DAX 30 experienced a pivot with increasing bullish momentum, signaling a strong market despite potential overbought conditions.
  • Economic data released today showed deeper deflation in wholesale prices than expected, impacting market sentiment.
  • Upcoming bond auctions, PMI data, and ECB policies are anticipated to influence the DAX 30’s trajectory.

DAX 30 Daily Price Analysis – 16/02/2024

On February 15th, DAX 30 showcased a strong bullish movement, with the market moving away from the 17,022.54 opening price, closing the day with a +0.60% increase at 17,046.69. 

As of the early hours of today, the index, which started with a prolonged consolidation, edged higher, confidently surpassing the previous day’s resistance to carve out new highs. The early market hours witnessed the DAX touching the new resistance (R1) at 17151.77, suggesting an extension of the bullish sentiment. The pivot point stood firm at 17058.18, serving as the day’s psychological bedrock. At 17,176.30, Dax 30 has already made a +0.78% increase so far today. This bullish stride could be attributed to overnight developments and the anticipation of the day’s economic data releases.

Key Economic Data and News to Be Released Today

Today’s focus is on the economic data revealing a -2.7% change in Eurozone Wholesale Prices YoY, against a -2.5% consensus, indicating a more profound deflationary pressure. Traders are eyeing medium-impact events such as the German bond auction and HCOB Composite PMI Flash on the economic calendar, which may sway the market sentiment and influence the DAX 30’s direction.

The anticipation surrounding the PMI data due next week adds another layer of complexity to the market’s expectations. Traders should remain agile and keen on technical indicators and news flows to navigate the likely volatility.

Visit our Economic Calendar

DAX 30 Technical Analysis – 16/02/2024

From a technical point of view, the index is currently trending above the 200 EMA with a positive slope, showing no signs of the bullish move stopping anytime soon.

dax 15min chart
DAX30 1-Hour Chart – 16/02/2024

However, the RSI is already at the overbought level, and this may be interpreted as a sign of a potential retracement. Traders are closely monitoring the R2 at  17201.19  level to gauge whether the bullish momentum has the stamina to push further or if a pullback is imminent. If the price breaks above this level, we may see a continuation of the bullish trend. 

DAX 30 Fibonacci Key Price Levels 16/02/2024

Short-term traders planning to invest in Dax 30 today should keep a close eye on the following key price levels for the day:

SupportResistance
17011.1817055.16
17019.6417063.62
17033.1717077.15

Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.

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