DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually daily there is a very large volatility that gives many trading opportunities.
Summary of the session 16/04/2018
The start of the week brought a change in the DAX index by -0.41%, which is not much due to fear of escalating the conflict in Syria. Nevertheless, the market closed the upward gap, stopping at daily Pivot and then heading to around 12,400 for the daily minimums.
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Among the components of the DAX index, the best result was recorded by Deutsche Lufthansa, which gained 1.59% and Deutsche Boerse grew by 0.46%. The worst performers were Volkswagen, which fell 2.90% and Continental was down 1.24%.
On Tuesday, the situation looks similar to yesterday, i.e. higher opening and losing under own weight, additionally an unsuccessful attempt to break down the downward trend line encourages us to look for short positions. Overcoming the directional point (12,440), it will probably open the way to S1 – 12,370. Resistance R1 in the near vicinity of the monthly level stopped bulls with great precision on Monday.
Alternatively, the decline from Friday and Monday can be treated as an a-b-c correction of the growth impulse on Thursday, in such an arrangement the output from the channel should be treated as an invitation to buy.