German Stock Index Pumped Up by Positive News – July 22, 2010
The German Stock Index (Deutscher Aktien IndeX/^DAX/^GDAXI) consists of the 30 major German companies trading in the Frankfurt Stock Exchange. Some of the notable companies included in this index are Adidas, BWM, Deutsche Bank and Volkswagen Group. The index went up by 2.53% to 6,142.15 as the PMI (Purchasing Managers Index) numbers in the Euro-zone came in significantly above the expected. Another factor that bolstered the global markets’ ascend today are the impressive earning results of US companies such as Boeing, American Express, Caterpillar, Ford Motors, McDonalds, Microsoft, Amazon, ExxonMobil, Chevron and General Motors.
The chart of the German Stock Index is forming an ascending triangle formation and after a good trading session earlier the value is now pointed upwards. If this index pierces through the resistance of the triangle, the immediate target price could be 6,626.70. If the 6,626.70 marker gets cleared out, the next resistance could be 6,855.84. In case the bears come in and the index starts heading south, the immediate support could be the uptrend. If the value further slides below the uptrend, the next support could be 5,906.04.
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Category: Daily Stock Picks
By: Al on July 22, 2010 at 6:41 pm
Comments (1)
its_enough
July 27th, 2010 at 22:32
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