Stock markets in Europe followed into footsteps of their Asian peers and took a dive lower at the start of the cash session on Wednesday. Major blue-chips indices from the Old Continent trade over 1% lower with German DAX (DE30) and Dutch AEX (NED25) dropping around 2%. Concerns over growth outlook look to be the prime reason behind today's declines with German factory orders data for August showing a massive miss today ( -7.7% MoM vs -2.2% MoM expected). A continued increase in energy prices also plays a role with European natural gas benchmark trading 20% higher today alone!
A look at DE30 shows us that the index is trading at the lowest level since mid-May 2021. The German index is making a break below the neckline of a head and shoulders pattern today, creating a risk of an even bigger drop. Textbook range of a downside breakout from this pattern points to a drop to as low as 14,000 pts area!
Source: xStation5
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