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 13/06/2018
DAX on yesterday’s session gained 0.38%, but once again it failed to break12,900 points. In Europe, weaker industrial production readings were recorded, which fell by 0.9% as compared to an increase of 0.6% a month earlier. However, the main event was the FED meeting and the increase in interest rates, this is the second hike this year and the seventh in the current cycle.
Among the components of the DAX index, the best result was recorded by Deutsche Lufthansa, which gained 3.25% and BAYER increased by 2.51%. The poorest fell HeidelbergCement falling 2.06% while Deutsche Telekom lost 1.20%.
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Yesterday’s declines ended around the group of pivots recently described, today the situation is similar and around 12,800 they form a kind of support zone.
Today’s opening with the bearish gap falls below the level of 12,860 points, which in the last three days was an axial point for the index quotations, which at least initially suggests more supply pressure. Perhaps the players will only start to discount further rate hikes in the US, as long as Wall Street falls.
In the event of losing yesterday’s lows, buyers will be forced to move down to 12,700 points, alternatively, the defence of the minimum and the return above the opening gap will allow thinking about the continuation of the upward movement.