DAX Testing Supports as Rate Cuts Expectations Fade
Gregor Horvat | Apr 11, 2024 04:32AM ET
After the reports of higher inflation in the US, stocks came down as cuts are most likely going to be delayed. So, its not a surprise to see DAX is testing lower, deeper supports, but notice that the whole drop from April's highs is in seven swings, so we still think this is a corrective movement, a complex one, especially because of overlaps. And we know that whenever we see overlaps, well, this represents most likely a corrective price action. If we are correct, then the current WXY could be close to a potential bottom formation that will complete the higher degree wave 4. However, there is no reversal unless we see an intraday five waves up through the 18,240 and then the 18,331 resistance levels. Breaks above these levels would be significant regarding the short-term trend changes from bearish back to bullish mode. A deeper support from here, and also a very important one for whole corrective drop, would be at 17,875.
ECB later today.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.