German Dax bounced off key support at the lows this week
The major European indices are ending the day and the week with solid gains.
For the day, the:
- German Dax, +0.74%
- France's CAC, +1.6%
- UK's FTSE, +1.0%
- Spain's Ibex +0.7%
- Italy's FTSE MIB, +0.9%
For the week, the indices are also ending with solid gains:
- German Dax, 2.7%
- France's CAC, +3%
- UK's FTSE, +2.32%
- Spain's Ibex, +2.6%
- Italy's FTSE MIB +2.8%
Looking at the German Dax, the index was helped by a favorable bounce off the lows on Monday. Looking at the daily chart below, the index tested and bounced of the 200 day MA and the 38.2% retracement at the 11612 area. The 100 day MA (blue line) was also near those levels on Monday as well. Traders leaned and the index pushed higher.
