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Summary of the session 11/09/2018

At Tuesday’s session the market declined by 0.13%; however, this result does not fully reflect what happened during the session. In the beginning, we had an avalanche drop in nine 15-minute candles to start systematic growth around noon. The process went so well that the buyers covered almost all the loss. The ZEW sentiment index was below the line, but not as low as analysts expected (10.7 vs. -13.5).

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Among the components of the DAX index, the best result was recorded by Deutsche Boerse, which gained 1.50%, while E.ON closed above the 1.23% line. The worst result was BAYER falling 2.90% and Infineon Technologies was below 1.88%. The total number of losing companies outnumbered the number of gaining listed on the Frankfurt Stock Exchange – 439 to 267.

DAX Intraday

The upward move is continued today in the morning, but the dynamics have decreased significantly. DAX has reached levels slightly above 12,000 points, which is why the high yesterday’s closing puts the bulls in a slightly better position. From the top once again appears as a strong monthly resistance S1 at 12,020 points, its forcing could change the balance of power for a longer time. A strong bastion of buyers should be the pivot point located next to the upward trend line and overbalance correction of ~ 12,960 points. Another support only at S1, that is 11,890 points, while daily resistance at 12,050 points (R1).


Noteworthy is also the situation on the German company BAYER, the second largest component in DAX, which, due to yesterday’s fall, is on 5-year minimums. A lot is still missing to the low from 2011, but it can be clearly seen that the level of 80 Euro for share has been lost. In May, the chemical conglomerate paid out a dividend of 2.73%, but at that time almost EUR 100 had to be paid for one share, today it is 30% less.

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