Advertisement
Advertisement

DAX Index Daily Fundamental Forecast – November 3, 2017

By:
Colin First
Published: Nov 3, 2017, 07:55 UTC

The DAX index closed the day yesterday just short of the 13500 region and it appears only to be a matter of time before this region is breached. The index

DAX Friday

The DAX index closed the day yesterday just short of the 13500 region and it appears only to be a matter of time before this region is breached. The index has been buoyant ever since the ECB announced the extension of the QE and with the global stock markets trading in a buoyant manner, it is only natural for the DAX to join them and trade higher.

DAX Looking for 13500

The index broke through the 13450 region during the course of trading yesterday and seems set to break through the 13500 region which is more of a psychological mark than anything else. Like the stock indices in the US, the DAX has also begun to have a streak of all time highs going and this has been helping to attract more and more investors into buying into the index which has in turn fueled the move higher.

DAX Hourly
DAX Hourly

This move higher is set to continue for the short and medium term and this is true not only for the DAX but for all the major stock indices around the world. With the BOE also joining in the rate hike party that is being carried on in many parts of the world, it is only natural for the stock markets to become attractive again for the major investors and this is likely to keep pushing the markets higher in the medium term.

Looking ahead to the rest of the day, there is not much major economic news from the Eurozone or the German region for today. The focus now shifts back to the dollar where the employment data would be released later in the day and this is likely to confirm the rate hike that is coming in December. If that turns out to be true, then that would serve as additional fuel for the markets to move higher which may be the trigger that the DAX needs to push through 13500.

About the Author

Colin specializes in developing trading strategies and analyze financial instruments both technically and fundamentally. Colin holds a Bachelor of Engineering From Milwaukee University.

Did you find this article useful?

Advertisement