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DAX 30 futures are currently trading at 11930-lower by 1.5% as compared to the last closing. The index futures had closed in negative territory on Friday as well.
DAX 30 banking stocks continue to struggle and were down sharply on Monday. Commerzbank has plunged 5.98% and Deutsche Bank has dropped 2.38% at the time of writing.
Other top losers include- Wirecard (down 11.6%), Adidas (down 0.9%), RWE (down 3.4%) and Dailmer (down 1.2%) at the time of writing.
Among DAX 30 constituents, Volkswagen is trading down by about 1.5% after its premium brand Audi said on Friday (5th Oct.) that it expected sales in Europe to fluctuate in the coming months due to supply bottlenecks caused by stricter anti-pollution rules. BMW was also down 0.90% after news that European lawmakers could soon impose tougher-than-expected carbon dioxide emission caps.
On the data front, German Industrial Production (MoM) for August released earlier today came in at -0.3%. The markets had expected the Industrial Production to rise by 0.4%. The final revised reading of the PMI for July was -1.3%. The Indicator has now declined four times in the past five months.
On the technical front, the RSI is currently at 35.84% and suggests that the market can move in the downward direction. The current price is below the MA5. The Current Price is below the middle line of the Bollinger bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Profit targets.
Trade Suggestion-Limit Sell at 11990. Take Profit at 11890. Stop Loss at 12040.