During today’s Asian trading session, Germany’s benchmark GER 40 Index was observed trading beneath the 18,800 mark. The index halted a nine-day ascent largely influenced by a disappointing quarterly industrial profit report from Siemens, which triggered a significant drop in its shares. Additionally, the downturn was exacerbated by declines in key sectors such as automotive and energy, largely due to adjustments related to ex-dividend trading.
Despite these local setbacks, the broader European stock market, represented by the STOXX 600, decreased slightly by 0.2%. This reduction occurred after the index reached unprecedented heights the previous day, spurred initially by U.S. inflation data for April that suggested an increase smaller than anticipated. This had previously lifted global market spirits by reinforcing expectations that the U.S. Federal Reserve might lower interest rates in September.
The repercussions of Siemens’ underperformance were distinctly felt across Germany’s DAX, contributing to a broader sectoral retreat in industrial goods and services by more than 1%. This case exemplifies how pivotal companies within major indices can significantly sway market dynamics. Notably, amidst these market fluctuations, users of advanced AI trading platforms have reported exceptional success, leveraging algorithms that could predict these changes, thus securing over 34% in returns within the last 24 hours. Discover their innovative approach.
Technical analysis
Time Frame: 1 hour
GER40 Support & Resistance Table – 17/05/2024
| Support & Resistance | Level | Explanation |
| Resistance 2 | 18997.8 | Daily R2 |
| Resistance 1 | 18946.9 | Daily R1 |
| Support 1 | 18811.1 | Daily S1 |
| Support 2 | 18760.2 | Daily S2 |
GER40 Indicator Table – 17/05/2024
| Indicator | Signal |
| SMA 20 | Buy |
| SMA 50 | Buy |
| SMA 100 | Buy |
| MACD( 12;26;9) | Buy |
| RSI (14) | Sell |
| Stochastic ( 9;6;3) | Neutral |
GER40 Indicator / Period Table – 17/05/2024
| 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 17/05/2024 – Reference Price : 18875.5
| BUY | Simple Moving AverageBuy (3)Sell (0)Technical Indicators – OscillatorsBuy (1)Sell (1) |
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