The European equities are to end the week on a more positive note than last week, where we saw most of the major indices tumble finding purchase on multiple month lows for mostly all of them. At the moment the German DAX 30 Spot index is trading up 0.4% as it finally was able to break and stay above the 12,000 and more importantly the 12,030 which is considered to have been the actual resistance than the 12,000.
To give more power to the 12,030, the level is closely matched with the 60-level on the RSI which means that a break above that level could trigger a bullish move upwards and could mean the return of the buyers. The index has continued to move higher and encountered the 12,130 which seems to have provided some more resistance for the index as the gap from September 4, 2018, is yet to be covered which could seem to be a potential target for the index at the moment.
Should there be a reversal from the 12,130, the 12,030 below should provide enough support for the index to take a breather and attempt to go higher again. The whole movement of the index seems as it has been building momentum to stage a big comeback, as the daily chart shows that a potential move towards the 12,380 is very much doable on a longer time frame.
The DAX 30 Spot Index is currently down 6.4% so far this year. It currently trades 11% below its 52-week high of 13,596.89 reached on January 23 and 3.2% above its 52-week low of 11,726.62 reached on March 26. Of the 30 constituents of the index, 23 have risen, 6 have fallen, and 1 has remained relatively unchanged.
Currently, the best performers on the DAX 30 are Infineon Technologies (+1.42% at €19.63); Continental (+1.10% at €151.00); and Deutsche Lufthansa (+0.98% at €22.63). The worst performers are Henkel (-0.19% at €107.05); E.ON (-0.06% at €8.82); and RWE (-0.05% at €21.47).