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 09/01/2018
Tuesday’s session did not cause significant shifts, while the DAX index gained 0.13% and it was the fifth bullish session in a row. The drop in turnover at the top when closing positions on futures contracts may be worrying. It was also the session with the next record on the SP500.Among the components of the DAX index, the best result was recorded by Continental AG, which gained 5.37% and Linde increased by 2.17%. The worst performers of E.ON AG were falling 2.09% and Adidas minus 2.08%.
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Again, the level of 13,400 was too strong for buyers, a stronger retreat from the highs may discourage investors counting on growth and begin to sell of their shares. The bearish head & shoulders formation may help, where the right arm coincides with the 61.8% Fibo.
In the morning, the index is consolidated around local S1 support at 13,350, as a standard the first trading hour should show the direction. I also draw attention to the fairly tight spacing of Pivot levels, which means that a stronger movement is approaching.