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 10/07/2018
At Tuesday’s session DAX rose by 0.53%; This is the fourth session in a row won by bulls. We also observed increases on Wall Street, where the SP500 again approached 2,800 points – the June high. Unfortunately, from the macro data perspective, the situation looks worse, after a good Monday’s readings there is no trace, the ZEW index surprised by falling sixth consecutive month to -24.7 from previous -6.1 (analysts expected -17.9pct).
Among the components of the DAX index, the best result was recorded by Covestro, which gained 2.18% and Adidas increased by 1.73%. The worst result was Commerzbank falling 1.38% while Deutsche Lufthansa lost 1.12%. The total number of growing companies exceeded the number of losing on the Frankfurt Stock Exchange and was 455 to 257.
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The index starts today very low compared to yesterday’s closing, it immediately opens below the Tuesday low and just at the Monday’s minimum, so the game enters the lowest levels this week. In such an arrangement, the bears managed to push the prices below the monthly pivot, the loss of 12,500 points at the end of the day will be an important argument in the hands of the sellers.
Looking in the wider perspective, the encountered resistance 12 600-12620 is also the density of moving averages: short (DMA50) and long (DMA200).