- European markets gained on Wednesday, the DAX climbed 1.38%.
- Positive sentiment surrounding the talks between the U.S. and China lifts spirits.
- Prime Minister Theresa May faces a vote of no-confidence.
The DAX closed at 10.929.43, higher by 148.92 points or by +1.38%. The index was higher with gains in Basic Resources, Pharmaceuticals & Healthcare.
European markets gained on Wednesday, with positive sentiment surrounding the talks between the U.S. and China and possible complications from a jailed Huawei executive. Big gains for oil also helped some heavyweight energy names. In the U.K., Prime Minister Theresa May faced a vote of no-confidence. In France, President’s Emmanuel Macron’s promise to cut taxes and lift wages for workers opens the debate of whether France is potentially in breach of the European Union’s fiscal rules.
The best performers of the session in the DAX were Fresenius Se & Co KGAA O.N., which rose 6.80% or 2.695 points to trade at 42.355 by the close. Meanwhile, Deutsche Bank AG NA O.N. added 6.10% or 0.453 points to close at 7.883 and RWE AG ST O.N. climbed 3.19% or 0.595 points to 19.225 in late trade. The worst performers of the session were Deutsche Boerse AG that fell 1.04% or 1.150 points to trade at 109.400 at the close. Linde Plc fell 0.92% or 1.300 points to close at 140.500 while Deutsche Post AG NA o.N. ended lower by 0.16% or 0.040 points to 25.240.
DAX levels
The DAX has posted a strong bulish stick in a series of higher highs and lows leaving the bullish tone well tuned and prospects for R3 firmly in place which resides at 11105 underpinned by the recent daily doji. Daily RSI is positive and DMIs less negative. The 10-D SMA is located at 11058 ahead of the 50-D SMA at 11406 after a break of the 23.6% Fibo objective at 11411.
- Support levels: 10702 10593 10500
- Resistance levels: 10961 11105 11200
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