Germany’s DAX 30 fell 0.86% to 10,772.20 −93.57 points

European markets were pressured on Monday at the start of the last full trading week ahead of the holidays where investors play the markets cautiously.
Germany’s DAX 30 fell 0.86% to 10,772.20 −93.57 points.

Ross J Burland FXStreet

European shares were in decline in general, weighed on Monday due to a profit warning from online fashion retailer ASOS. This sent retail stocks into nose-dive as investors fretted that consumers were failing to deliver the traditional pre-Christmas spending boost to markets. This follows a sour mood last week with concerns over global growth when both Chinese and European data disappointed.

Best and Worst

The top two performers were Bayer AG NA that added 1.01% or 0.64 points and Deutsche Telekom AG Na that added 0.73% or 0.110 points while the worst two of the index for the session were Adidas AG that dropped 4.42% or 8.65 points and Henkel & Co KGaA AG Pref falling 2.85% or 2.84 points.

DAX levels

Support levels: 10698 10637 10542
Resistance levels: 10821 10910 11005

The DAX has closed lower for a third consecutive day and is en route for a full reversal of the previous uptrend for this month that was correcting the late November slide. RSI and DMIs are now aligned with the bearish price action pointing to further declines for the sessions ahead with the price submerged below bearish moving averages. The 4hr DMI has turned negative and RSI has further to run before the indicator reaches oversold territory.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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