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 03/07/2018
Tuesday’s session on the German index was successful for stockholders, DAX increased by 0.97%, going above 12,400 points for a moment. On Wall Street, the Americans sold shares before Independence Day and so the SP500 fell by and 0.50%, Dow similarly.
Yesterday, the chief economist of ECB Peter Praet also took the floor, who xassessed that despite the recent weakening activity, economic conditions remain stable and once again accentuated the growing global risks related to protectionism.
Among the components of the DAX index, the best result was recorded by RWE, which gained 3.87% and Allianz increased by 3.22%. The worst result was that Covestro fell 0.66% and BAYER lost 0.29%. The total number of growth companies exceeded the number losing 476 to 237 on the Frankfurt Stock Exchange.
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Despite a positive session on Tuesday, DAX dropped below the trend line drawn from Monday’s low, but managed to maintain the level of 12,775 points important for further upward move. Currently, after opening, the index is heading towards the daily Pivot (12323), where the decision will be made regarding the further direction.
Support and resistance:
R2 – 12 477 – R1 – 12 385 – Pivot 12 323 – S1 – 12 230 – S2 – 12 170
The area of the players’ greatest interest is: 12,320/40. In connection with the Independence Day in the US, the afternoon activity may be low. Today, before 10 am, we are still waiting for German PMI readings for services.