Morning Insights 1st November

Simon Alagbe

Analyst


Instrument: DAX


The Index gaped up on opening for this week as positive corporate earnings reports of the previous week supported bullish sentiment. The general market condition became stabilised by the victory of Prime Minister Fumio Kishida' party in Japan, increasing hope for more stability, which will further boost the stock market. All attention of stock traders will have to be on the FOMC meeting scheduled to start tomorrow and to be concluded on Wednesday where members are expected to approve the start of tapering in the US.


Technicals: 

I expect the index to retest the 15965 resistance zone, where a movement to the downside is envisaged with stop loss at 16067.3 and take profit at 15793.0


Fundamentals 

No major economic data with bearing on the index

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