Proposal sought for a directive safeguarding workers from radiation hazards due to ionizing radiation exposure.
The German DAX index, a key indicator of the country's stock market performance, has experienced a moderate dip today, closing at 12,228 points, a loss of 56 points or 0.46%.
The index reached a daily high of 12,368 points earlier in the day before profit-taking set in. However, it failed to stabilize in the late afternoon, falling significantly. A gap was observed at 12,284 points on September 23rd, indicating a lack of buying activity at that level.
The DAX has key supports at 12,209, 12,180, 12,151, 12,075, and 12,000. If the index were to fall below 12,000, the next major target at 11,500/400 comes into focus. Below 11,500, an additional statistical target of an SKS (Head and Shoulders) pattern at 11,962 comes into view.
The SKS pattern, a bearish reversal pattern, has a horizontal and neckline at 12,705 points. An ex triple bottom for the DAX is found at 12,390 points.
Interestingly, an intermediate high for the DAX is located at 12,300/310 points. The index reached a resistance level of 12,368 points on September 26th, but failed to hold above this level. Previous US and pivot R2 resistance levels for the DAX are at 12,434/444 points, while previous US levels for the DAX are at 12,603/617 points.
A multiple resistance and US level for the DAX is at 12,800 points. The pivot resistance R1 for the DAX is at 12,336 points, and a horizontal resistance level for the DAX is at 12,936 points.
Persistent yield concerns are weighing on stock markets, including the DAX. These concerns stem from rising interest rates and inflation, which can negatively impact the earnings of companies.
On the economic front, analysts expect consumer sentiment to improve slightly from the previous 103.2 to 104.5 points in September. However, the ifo business climate has plummeted to its lowest level since May 2020, sending a strong recession signal.
As for upcoming events that could influence the DAX, no specific institutions or persons are scheduled to give speeches at 1 PM on Monday that could affect the DAX's development. General factors influencing the DAX include economic indicators, central bank policies (like those of the European Central Bank or US Federal Reserve), and corporate earnings.
In after-hours trading, the Dax has recovered and could start the session with a gap-up. It remains to be seen how the index will perform in the upcoming trading sessions.
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