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 05/06/2018
On Tuesday’s session the index increased by 0.13%, but this number does not reflect what was happening with the index during the whole session. DAX first gained 150 pips to give away the same amount, the day candle is very meaningful here and the trade ends below the monthly pivot (~ 12800). Yesterday’s collective PMI index in Germany for May was slightly better and amounted to 53.4 against 53.1 (forecast).
Among the components of the DAX index, the best result was recorded by Infineon Technologies, which gained 2.70% and Fresenius Medical grew by 1.43%. The worst came the company Commerzbank, which fell 2.81% and Deutsche Bank was down 1.20%.
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Quotations on the German stock market starts slightly higher compared to yesterday’s close, due to the continuation of the boom on Wall Street, the SP500 added another pair of points at night. Meanwhile, DAX is “trapped” under the daily level Pivot 12 815.
The nearest local resistance around 70 pips higher at 12,875, its defeat could cause a potential move up to 13,000 with an interesting profit-risk ratio. However, as long as prices remain below the directional point, the decrease to yesterday’s lows (close the gap) and even lower is more realistic.