During today’s Asian trading session, the German Benchmark Index surged past the 18,900 mark. This positive trend is echoed across European markets, which are set to open higher today, buoyed by a global relief rally. This uplift follows the release of the U.S. Consumer Price Index (CPI) data for April, which showed a more modest increase of 0.3% month-over-month, compared to the anticipated 0.4%. This outcome, while still reflecting a 3.4% year-on-year rise—aligned with forecasts—has provided the markets with a degree of optimism regarding future U.S. monetary policy.
Investors are now more confident that the Federal Reserve might consider reducing interest rates sooner than previously expected. Market forecasts are optimistic, with the U.K.’s FTSE 100 predicted to open 22 points up, Germany’s DAX likely to ascend by 26 points, France’s CAC expected to increase by 7 points, and Italy’s FTSE MIB projected to advance by 64 points.
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Technical analysis
Time Frame: 1 hour
GER40 Support & Resistance Table – 16/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 19084.9 | Daily R2 |
| Resistance 1 | 19039.1 | Daily R1 |
| Support 1 | 18916.9 | Daily S1 |
| Support 2 | 18871.1 | Daily S2 |
GER40 Indicator Table – 16/05/2024
| 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 – 16/05/2024
| 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 16/05/2024 – Reference Price : 18967.0
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2) |
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