As the markets opened in Asia, the German Benchmark Index was recorded trading upwards of 18,600, signaling a robust beginning to the trading session. European stock markets are gearing up for another buoyant day, spurred by a series of earnings announcements expected from major corporations including Ferrovial, Telefonica, EDP, Enel, Pirelli, and Salvatore Ferragamo.
In parallel, the financial community is keenly awaiting the Bank of England’s interest rate decision, set for later today. While speculation abounds about a potential rate adjustment, the focus remains on any new policy directions from the central bank’s leadership.
Market forecasts are optimistic, with the UK’s FTSE 100 anticipated to open 32 points higher, Germany’s DAX expected to add 25 points, France’s CAC projected to ascend by 7 points, and Italy’s FTSE MIB predicted to advance by 59 points. Notably, users of a particular AI forecasting tool have experienced a remarkable 34% return on investment in just the last 24 hours by leveraging its market predictions, which function almost on autopilot. Learn more.
Technical analysis
Time Frame: 1 hour
GER40 Support & Resistance Table – 09/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 18762.3 | Daily R2 |
| Resistance 1 | 18708.2 | Daily R1 |
| Support 1 | 18563.8 | Daily S1 |
| Support 2 | 18509.7 | Daily S2 |
GER40 Indicator Table – 09/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Sell |
GER40 Indicator / Period Table – 09/05/2024
| Indicator / Period | Day – Buy | Week – Buy | Month – Buy |
| MACD( 12;26;9) | Buy | Buy | Buy |
| RSI (14) | Sell | Buy | Buy |
| SMA 20 | Buy | Buy | Buy |
GER40 09/05/2024 – Reference Price : 18639.0
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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