Hugo
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Hugo in HTO Trading,

DAX30: Waiting for the big move one way or another. It’s coming.

Germany’s retail sales remained unchanged in September, defying economists’ expectations for an increase. The calendar and seasonally adjusted retail sales, in real terms, showed no variations in September, following a 0.7% decrease in August.

Although Germans retailers had yet another slack month in September, as sales were flat from August, economists said that a buoyant labour market and solid wage increases would spur household spending ahead of the important Christmas-shopping season.

The Index rose more than 10.5% in October and increased 10.5% year to date plus it’s in a recovery phase since mid-October. Last week, DAX30 went back and forward without any clear direction but managed to close in the green near the open of the week. Stochastic is showing a strong bullish momentum and crossed above the 50 mid line.

Expecting an upward move to a key level at 11,790 on a break above previous week high at 10,926 (scenario 1) or a break below previous week low at 10,685 may push downward the Index to a weekly support at 10,054 (scenario 2).

Ger30 is a CFD written over DAX30 futures.