The leading German index had reached several new record highs in the last stock market year.
(Photo: Bloomberg Creative/Getty Images [M])
Dusseldorf After jumping by more than 1000 points on yesterday’s trading day, investors on the German stock market are immediately taking profits again. Accordingly, the Dax was down 1.7 percent on Thursday morning and was trading at 13,606 points, around 240 points less. The Frankfurt benchmark was only seven points short of reaching the 14,000 point mark in after-hours trading yesterday.
Despite the price gains on Wednesday: So far it’s just a bear market rally, a countermovement in an intact downtrend. Martin Utschneider, technical analyst at private bank Donner & Reuschel, agrees: “Yesterday’s ‘buying panic’ can quickly turn into the opposite”.
For classification: Since the beginning of the year, the Dax has slipped from 16,285 points to 12,438 points. Only with a level of around 14,360 points would these losses have been halved. According to the technical analysis, that would be a “normal countermovement”, which would not change anything about the intact downward trend.
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