FRANKFURT (dpa-AFX) – The Dax returned to an upward trend on Wednesday, after a gloomy session the day before. In the first minutes of the session, the flagship German index gained 0.60% to 18,287.02 points. However, it remained within the recent range of 18,000 to 18,350 points. The MDax of medium-sized companies increased by 0.26% to 25,532.89 points. The euro zone’s flagship index, the EuroStoxx 50, gained almost 0.6%.
Portfolio manager Thomas Altmann of asset management firm QC Partners said recent developments on US stock exchanges had supported prices. The tech-heavy Nasdaq 100 emerged from its recent weak phase on Tuesday. Nevertheless, the market remains a seesaw market, Altmann noted, referring to the last few trading days. There is no clear direction emerging at the moment.
According to chart expert Martin Utschneider, the Dax remains weakened and is still struggling to stabilize above the support level of 18,141 points. There is no exit signal from the current downtrend. Last week’s rebound appears weak, added analyst Jochen Stanzl of brokerage CMC Markets. The alleged stabilization of the Dax above the 18,000 point mark could turn out to be only a technical reaction to previous losses./gl/tih
