German DAX Opens Lower, Trades Below 10,400
Extending its Thursday's fall from above 10,500 mark on dovish ECB, German DAX 30 index opened lower on Friday and is currently trading below 10,400 level.
Immediate downside seems limited
From
current levels, subsequent weakness below 10,350 is likely to
accelerate the fall towards 10,275, which if failed to hold might lead
to an extended corrective move towards 10,100 mark, representing 23.6%
Fibonacci retracement level of 8,696-10,524 up-move.
On the
upside, 10,430 followed by 10,500 psychological mark seems to act as
immediate hurdles. A clear break-through these immediate resistance
levels has the potential to boost the further by 100 points, towards
10,600 mark, representing the upper trend-line resistance of a
short-term ascending channel formation on daily chart.
