DAX had a fifth consecutive bullish day on Tuesday, pushing its all-time high even higher. Investors will now focus on crucial reports across the US and the Eurozone on Wednesday, Thursday, and Friday.
Key Points
- DAX rose by a solid 0.76% on Tuesday following a positive consumer confidence report
- Attention will be on the Eurozone and U.S. inflation reports on Thursday and Friday. Before that, the US Q4 GDP figure will be released today.
- The support level at €17552.98 remained crucial in the short term.
DAX Daily Price Analysis – 28/02/2024
DAX continued its winning streak on Tuesday with a 0.76% gain. The session ended with the index closing at €17556.49. Today’s session opened at €17569.61, and the index has continued rising to push its ATH even higher to €17588 at the time of writing.
Yesterday, the German consumer climate report was released, showing an improvement in consumers’ confidence in Germany’s economic activity. In response, Tech stocks, such as SAP and Infineon technologies, rose by 1.04% and 4.03%, respectively. Deutsche Bank gained 0.67%, and Mercedes-Banz Group saw a 1.12% gain.
Nevertheless, the Eurozone and the U.S. will see key inflation figures released on Thursday and Friday. The short-term direction of the index will depend on them.
Technically, the DAX is comfortably above the 50EMA, and the RSI is far up in the bullish zone. Judging from these, there’s a bullish outlook in the DAX today.
DAX Intraday Technical Analysis – 28/02/2024
Looking at the charts, the DAX keeps soaring into uncharted territories, pushing its all-time high even higher. As a result, new supports and resistance levels are being developed on the fly. The most crucial is the 15-minute support formed at €17552.98. The price sits just above it, potentially being the launchpad from which the price climbs even higher.
If the price falls below that support, we still can’t confirm that there’s a bearish downturn until the 20-EMA crosses the 50-EMA to the downside. And if this downturn happens, key support levels to look out for are €17459.75, €17383.06, and €17279.42.
Key Economic Data and News to be Released Today
The U.S. is set to release the second estimate of Q4 2023 GDP today. Generally, a higher-than-expected figure should increase expectations of interest rate cuts in H12024, potentially leading inventors to shy away from riskier assets.
Fed officials Bostic, Collins, and Williams are also scheduled to speak later on.
GER30 Key Pivot Point Levels 28/02/2024
Based on the 1hr chart, the key Pivot Point levels for DAX are these:
| | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Pivot Points | – | 16869.48 | 17144.41 | 17294.07 | 17569.00 | 17718.66 |
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