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

Ger 40 Index Analysis Technical analysis 16/05/2024

Time Frame: 1 hour

GER40 Support & Resistance Table – 16/05/2024

Support & ResistanceLevelExplanation
Resistance 219084.9Daily R2
Resistance 119039.1Daily R1
Support 118916.9Daily S1
Support 218871.1Daily S2

GER40 Indicator Table – 16/05/2024

SMA 20Buy
SMA 50Buy
SMA 100Buy
MACD( 12;26;9)Buy
RSI (14)Sell
Stochastic ( 9;6;3)Sell

GER40 Indicator / Period Table – 16/05/2024

Indicator / PeriodDay – BuyWeek – BuyMonth – Buy
MACD( 12;26;9)BuyBuyBuy
RSI (14)SellBuyBuy
SMA 20BuyBuyBuy

GER40 16/05/2024 – Reference Price : 18967.0

BUYSimple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (2)

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