European stocks are largely unchanged; the German GDP shows a slight improvement
European stock markets traded largely unchanged Friday in thin trading conditions, as investors digested German growth and consumer confidence data.
the DAX index in Germany traded 0.1% lower
Germany’s economy grew by a shade more than initially thought in the third quarter, according to data released Friday, as gross domestic product expanded by 0.4%, rather than the 0.3% reported in its first reading.
On an annual basis, the German GDP grew 1.2% in the third quarter, a sharp slowdown from the 1.7% growth seen in the same quarter a year ago when Europe’s largest economy still had momentum from its post-pandemic reopening.
The forward-looking GfK German consumer climate index also showed some signs of improvement, for the second straight month, climbing to -40.2, still close to its all-time low.
Speeches by ECB’s Kerstin aft Jochnick and Luis de Guindos will also be of interest Friday, a day after the accounts of the Oct 26-27 meeting showed that policymakers feared that inflation may be getting entrenched so rates would need to rise further.
The ECB has increased rates by a record 75 basis points at its last two meetings as it tries to tackle Eurozone inflation running at double digits.
DAX 40 INDEX TECHNICAL ANALYSIS:
DAILY CHART:
In daily chart, DAX 40 is moving in up channel
It is currently moving above all MA
RSI is in the overbought zone which suggests a bearishness sign.
Its immediate resistance is at 14566.4 and immediate support level is at 14475.4
HOW TO TRADE S&P INDEX IN THIS WEEK
DAX 40 is moving in an up channel, breaking the previous day’s high, if it breaks it immediate resistance and sustains on it then the market will continue to trade up, and remain bullish on it.
