Chat with us, powered by LiveChatDaily Analysis DAX40 - 24 May 2023

Daily Analysis DAX40 - 24 May 2023

Daily Analysis DAX40 - 24 May 2023

Daily Analysis DAX40 - 24 May 2023

European stock markets faced renewed selling pressure on Wednesday, driven by multiple factors. Firstly, the lack of progress in the U.S. debt ceiling negotiations contributed to market uncertainty. Reports from Republicans in the U.S. House of Representatives indicated minimal progress in talks with the White House, heightening concerns of a possible default within the next nine days.

Additionally, the UK core inflation saw a notable increase, further dampening risk sentiment. Official figures revealed that British consumer price inflation decreased to 8.7% in April from March's 10.1%. Although it moved away from October's 41-year high of 11.1%, it still remained higher than expected. The Bank of England's next policy meeting is scheduled for June 22.

Investors are eagerly awaiting the release of the minutes from the Federal Reserve's recent policy meeting. These minutes could provide insight into the central bank's stance on pausing rate hikes, influencing market direction.

The DAX opens with a significant downward gap, indicating a bearish sentiment and an increase in risk-off behavior in the market at present. The current support levels to monitor are around 15800-15700.

Resi Level 3

Resi Level 2

Resi Level 1

Suppo level 1

Suppo level 2

Suppo level 3

16800

16400

16270

16000

15800

15600

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