DAX30 Car Crash:Technical Overview And Trade Opportunity

DAX30 Car Crash: Technical Overview And Trade Opportunity

Slowing down Germany economy, global growth concerns, China factor… The index could not break above 12.000 and failed to enter the buy zone.

Yesterday’s announcement from BMW AG added weight on the Index.

Bloomberg:

“It’s a measure of just how difficult life has become for car manufacturers that the once boringly reliable BMW AG is struggling too. In the past BMW’s autos unit unfailingly reported an operating profit margin of at least 8 percent. That’s pretty decent for a mainstream carmaker.

Trade tensions, rising raw material costs, and Brexit uncertainty are a heavy burden when you’re simultaneously trying to manage the demise of the combustion engine. Capping the workforce at current levels and announcing a 12 billion-euro savings drive are prudent steps in view of these burdens. The message this sends, though, is that even BMW is more cautious about its future prospects. Shareholders are too.”

Technically;

Rising wedge pattern is still in action. The breakout of the wedge 11.400 will trigger the bearish move.

We are short in DAX but the conservative traders may wait for the breakout of 11.400 to enter the trade. Our long-term targets are 11.000 10.700 and 10.000. Stop  Above 11.700

Entry notification will be sent to members.

FREE SUBSCRIPTION

NEW SERVICE!! 

TRADING ROOM! TRADE WITH US!

CURRENCIES, COMMODITIES,INDICES,STOCKS,CRYPTOCURRENCIES

DON’T MISS OUT!! LIMITED TIME OFFER

BASIC PACKAGE MEMBERSHIP 6 MONTHS for $ 219

VERIFIED ACCOUNT AND SETUP RESULTS

CURRENCIES FORECAST   COMMODITIES FORECASTS   PATTERN SETUP    NEWS  SUBSCRIBE

Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.

You can contact us via Skype User Name: Chartreaderpro

DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

DAX: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility