SIEMENS, BMW DISAPPOINTMENTS PUSH DAX DOWN
Dax 30 is currently trading at 12508.53 and is down by 1.79% from the previous closing price. Siemens, the largest component of Dax, reported its results today. Its revenue was below market expectations and fell 5.26% till the time of writing. Another component, BMW fell 2.6 percent after reporting smaller auto margins than expected.
On the technical front, the RSI is currently at 45.2% and suggests that the market may head downwards. The %K has crossed the % D from above to the downside at 86.85%, and this suggests that the market can move in the downward direction. The current market price is below the 5, 20 and 50 day moving averages. The price is also below the middle line of the Bollinger bands and is going downwards.
Trade Suggestion-Sell At: 12570, Take Profit At: 12500 Stop Loss At: 12605