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 07/05/2018
German DAX index has had two successful sessions, only yesterday it added another 1% and reached the expected zone of 12900-13000 points, supported by the weakening of the EURUSD rate which fell below 1.900 for a while and increases on Wall Street (today President Trump is to announce his decision nuclear agreement with Iran). Unfortunately, data regarding orders from factories in Germany were somewhat disappointing (-0.9% vs 0.5% forecast).
Among the components of the DAX index, the best result was recorded by Infineon Technologies, which gained 3.48% and Linde increased by 3.38%. The worst performers of HeidelbergCement were only 0.38%, the only one in the red. Today Continental will publish its results: the forecast is 4.21 EUR per share and Deutsche Post forecast 0.54 EUR profit.
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DAX Intraday
DAX recorded a significant increase reaching yesterday resistance R2 at 12 950 and hence a short way to the round 13 thousand points, thus the German index was at the highest level in last three months (5 February).
Today, the stock prices start above the directional point (12,905), which should support the bulls’ actions in the first trading hours. A bit lower is the monthly pivot, which should serve as a pole change support. In the case of profit taking, the correction may reach S1 – 12,840, local resistance at the said 13,000 points.
