As the second half of 2023 approaches, the DAX has recovered and then some from March’s banking crisis, driven primarily by manufacturing and specifically cars. Participants seem to have priced in the lower likelihood of a pivot next quarter. However, the price of the DAX seems to be settling into a sideways trend after the fakeout from 17 May.
Moving averages are bunched close together, the slow stochastic is neutral and ATR has declined quite strongly since the end of the first quarter. The next earnings season in Germany is quite far ahead around the end of July, so 26 June’s Ifo business climate seems to be a point of focus for further direction after next week’s events which might drive some movement on the chart. For now, traders will probably watch interactions around the edges of the range between 15,700 and 16,300.
Moving averages are bunched close together, the slow stochastic is neutral and ATR has declined quite strongly since the end of the first quarter. The next earnings season in Germany is quite far ahead around the end of July, so 26 June’s Ifo business climate seems to be a point of focus for further direction after next week’s events which might drive some movement on the chart. For now, traders will probably watch interactions around the edges of the range between 15,700 and 16,300.