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 04/07/2018
Wednesday’s session ended with a modest -0.26% drop accompanied by low turnover (slightly over 40,000 on the contract) and equally low range of about 70 pips, due to the holiday in the USA. The aggregate PMI for services in Germany rose to 54.8 points from 54.2 previously, similarly better data from the euro zone.
Among the components of the DAX index, the best result was recorded by E.ON, which gained 2.33%, while RWE increased by 1.80% and Deutsche Telekom closed above the 1.48% line. The worst result was Fresenius Medical, dropping 4.12%, while Infineon Technologies lost 1.87%. The total number of losing companies exceeded the number of gaining 414 to 293.
Yesterday, the daily pivot filled up its task well, where after the rebound the market made a return to the new minimum, while today the direction point is located around 12 300 points. The opening went above the DP, and just after 9:00 the market quickly found itself at resistance R2 and it looks like it is preparing to attack the farthest resistance – 12,417 or Tuesday “high”. Usually, narrowly spaced pivot lines favour strong trends.
It will be important to close the session above the level of 12 400, this art has not been successful since 22 June. The zone of players’ volume of interest will also remain as before, as written formerly it was 12320-12340, today it will act as a support.