BOAO, China, April 10 (Reuters) - Chinese President Xi Jinping pledged on Tuesday to further open up his country's economy and lower tariffs on some products, particularly in the auto sector, this year.
This is good news that comes after the markets have been torn in all directions, split between positive signals (tax plan, growth, good corporate results) and negative signals (protectionism, inflation, Facebook). The earnings season will begin this Friday in the United States and could bring a period of optimism, especially if the Sino-US tensions continue to subside.
The DAX broke above its bearish channel (daily) with the March top of 12468 in sight. Looking higher, the next major resistance is at 12650 (February high and 200-day moving average). However, a clear and lasting break above 12650 is needed before we can confirm the uptrend has resumed.
Intraday support: 12380 (yesterday's high), 12320, 12250 (closing yesterday)
Intraday resistance: 12470, 12510, 12600