The EUROSTOXX 50 broke to new lows today. The RSI on the other hand is not forming new lows. So this could be an exhaustion gap but you have to watch today's close. It should close above 2710.
Thursday, June 16, 2011
Market Analysis - DAX 30 and EUROSTOXX 50
The XETRA DAX 30 is lower today but still forming a bottoming patter. In my opinion the 6990 level is very critical but it would be better if the DAX can hold 7030. Two reasons why I think there is not much downside left in all the western indices are the very bearish sentiment and the pretty extended put-call-ratios. My upside target is at least 7440. The situation would get more critical in the DAX if it would break 6990 but even then you would have to watch the daily closes because just around 6850 is the 50 week moving average which held several times as support.
The EUROSTOXX 50 broke to new lows today. The RSI on the other hand is not forming new lows. So this could be an exhaustion gap but you have to watch today's close. It should close above 2710.
The EUROSTOXX 50 broke to new lows today. The RSI on the other hand is not forming new lows. So this could be an exhaustion gap but you have to watch today's close. It should close above 2710.
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