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 09/03/2018
The last session of the week ended with a slight decrease of 0.07%, while the whole week DAX index ended with a solid increase of 3.6% and most of the sell off at the turn of February and March were covered. Friday’s data on industrial output in Germany were weak (-0.1% vs 0.6% forecast), while strong data from the US labor market gave fuel for SP500 growth to 2800 points (80 points to ATH are missing).
Among the components of the DAX index, the best result was recorded by Henkel, which gained 1.26% and the Merck company increased by 1.06%. The worst performers were Deutsche Lufthansa, which dropped 5.75 and Continental was down 1.34%.
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The Friday triangle turned into a flag, but the direction point managed to keep up and we saw an upward break on the data at 14.30 to 12.400. Today, the stock starts 60 pips higher, at the upper limit of the growth channel, which confirms the positive trend structure.
After 9:00, the seller comes to the fore and we should see an attempt to fill the weekend’s gap. The daily pivot is in the middle of the Friday range, a good place to join the growth, as long as the price stays above, there is a greater chance of continuing the growth.