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DAX 40 Daily Price Analysis – DAX 40 Rises on Optimism Ahead of US PCE Data and French Election

  • 3 mins read ●
  • Published:
dax30 germany market analysis 3

Today’s DAX 40 opened at 18,189.24 and has risen by 0.45%, driven by cautious optimism ahead of key economic events this week.

Key Points

  • Germany’s Ifo Business Climate index unexpectedly declined, indicating economic challenges.
  • The auto sector saw gains, with Porsche, BMW, Volkswagen, and Mercedes-Benz performing well.
  • The DAX 40 is currently trading above the 200 intraday EMA, indicating a bullish trend.

DAX 40 Daily Price Analysis – 24/06/2024

On Friday, the DAX 40 closed at 18,189.24, down 0.30% from its opening of 18,243.48. The decline was influenced by mixed sentiments in the market, with significant movements in individual stocks. The Ifo Business Climate index for Germany dropped unexpectedly, providing more evidence of headwinds in Europe’s largest economy. Not helping that bearish mood was corporate news, with autos rallying in the good company of names like Porsche (3%), BMW (+1.9%), Volkswagen (1.9%), Mercedes-Benz (+1.5%), and Zalando (-5%) tumbling after a downgrade from Morgan Stanley. On top of that, Sartorius slipped around 2% to compound the negative sentiment.

Today, the DAX 40 opened at 18,189.24 and has since risen by 0.45% to 18,271.60. The market kicked off the last week of June with cautious optimism. The positive movement is partly due to traders positioning themselves ahead of key economic events later this week, including the US PCE inflation data and the initial round of the French election.

The fall in the Ifo Business Climate index helps to keep a cap on market sentiment with negative issues still facing the German economy. Paradoxically, the car sector has performed particularly well. and that has tended to provide some support.

Key Economic Data and News to Be Released Today

Although no high impact data are due today; however, traders shall keep an eye on the US PCE inflation this week which has long been used as one of the best indicators of broad consumer price inflation and how key measure could impact Federal Reserve decisions about setting interest rates. A reading that comes in higher than anticipated could lead to greater volatility, making the DAX 40 more interesting.

Traders will also be watching the French election as this may result in a big river moves based on its potential to move the needle on European Union political and economic stability.

Visit our Economic Calendar

DAX 40 Technical Analysis – 24/06/2024

Looking at the Dax 40 chart, the price looks bullish, trading above the 200 intraday EMA. This move is backed by price breaking above the high of the previous trading day. While the price is currently testing the resistance zones, we are expecting price to slowly break and close above these levels to sustain its bullishness.

dax 40 m15 chart
DAX 40 – 15-minute Chart

However, should price decide to take a U-turn from this level, we might expect the pullback to get to the pivot point, providing equilibrium to the market before going back up. It’s important to note that a break and close below the already established low of the day invalidates our bullish outlook for the day.

Dax 40 Fibonacci Key Price Levels 24/06/2024

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

SupportResistance
18115.5018248.56
18074.4018289.66
18007.8718356.19

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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