DAX 30 STABLE/BULLISH ABOVE 11K AS CPI & POSITIVE EARNINGS SUPPORT
DAX 30 futures are currently trading at 11298.5-higher by 0.45% as compared to the last closing. The index futures have been closing in the positive territory since the last three trading sessions.
DAX 30- member, Lufthansa (down 7.7%) was among the top losers for the day. The stock fell after it missed third-quarter profit estimates.
Another index member, Volkswagen stood out among the gainers, up 3.9% after the German automaker posted a Q3 profit and sales rise despite industry headwinds such as China demand and emissions standards tightening up in Europe.
Other top gainers in the DAX 30 include- Merck (up 1.19%), Deutsche Telekom (up 0.60%) and Heidelberg Cement (up 0.52%) at the time of writing.
On the data front, German CPI (MoM) (P) for October released earlier came in at 2.5%. The CPI change was above the market expectation of 2.4%. In addition, German Unemployment change numbers for Oct. also released today fell to 11K. The numbers were below the market expectation of 12K.
On the technical front, the RSI is currently at 36.76% and suggests that the market can move in the upward direction. The current price is above the MA5. The %K has crossed the %D from below to the upside at around 14% and suggests that the market may head upwards.
Overall Bias is Mixed/Positive and short-term trades can be initiated with tight Stop Loss and Profit targets.
Trade Suggestion-Limit Buy at 11250. Take Profit at 11375. Stop Loss at 11180.