Auto stocks also contributed to Tuesday's gains. Volkswagen and Porsche They rose by 1.57% and 1.01%, respectively. BMW Although it increased by 0.30%, mercedes benz group It fell by 0.37%.
online retailers Zalando SE The index also responded to Germany's consumer confidence index, which rose 0.84%. adidas It increased by 0.17%.
Investors reacted to this Goldman Sachs (G.S.) Upgrading BNP Paribas From neutral to purchase. Commerzbank and deutsche bank They closed up 0.59% and 0.44%, respectively.
Economic sentiment in the euro area and the ECB in the spotlight
On Wednesday, eurozone economic sentiment and final consumer confidence data will be on investors' radar. An upward trend in economic sentiment and improving consumer confidence could point to further gains in the DAX.
Economists expect the business confidence index to rise to 96.3 from 95.4 in March. According to preliminary figures, the Consumer Confidence Index rose from -15.5 to -14.9.
We need to monitor not only the numbers but also the ECB's comments. With the economic outlook becoming more positive, increased support for the ECB's June interest rate cut could support further gains in the DAX.
Later in the session, there are no statistics from the US for investors to consider. Nevertheless, investors should follow the chatter of FOMC members later in the European meeting.
short term forecast
The short-term trend of the DAX will depend on the next round of inflation statistics. Weaker consumer price trends will support expectations for the ECB's June interest rate hike and the appetite for investment in risk assets. Additionally, investors should continue to consider central bank comments.
In futures, the DAX was down 3 points, while the Nasdaq Mini was up 57 points.
DAX technical indicators
daily chart
The DAX has moved well above the 50-day and 200-day EMA, leading to a bullish price trend.
If the DAX returns to its all-time high of 18,412 on March 26th, it will break above 14,500 handles.
Eurozone economic data and central bank commentary deserve investors' attention.
Below 18,350 handles, 18,250 handles may appear.
The 14-day RSI is 85.25, indicating that the DAX is in overbought territory. Selling pressure may increase at the March 26 high of 18,412 yen.
