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 12/01/2018
The last session of the week ended with an increase in the index by 0.32%, however, in the whole week the drop reached 0.5 percent. After the strong first week of 2018, when DAX grew 500 points, it was time for a correction (over 100 points) about which I wrote a week ago.
Among the components of the DAX index, the best result was recorded by Pro Sieben, which gained 3.11% and RWE AG by 1.58%. The worst came the company Commerzbank AG, dropping 1.54% and Deutsche Boerse AG -1.52%.
DAX Intraday
Friday’s session brought a slight rebound, the defense of Thursday’s minima at 13,150 points was successful, in vicinity which pivot point S1 was a support. Quotes formed formation of Inside Bar (IB) on the daily chart. Today in the morning, we observed an attempt to attack the maximum from Friday, a successful breakout would activate long positions from this formation, but it failed and the rate drops again to 13,200 points.
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After 9:00 we see a downside momentum that breaks the DP directional point, but the bullish scenario has not been negated until the buyers maintain 13,150.
In terms of daily quotations, the monthly pivot R1 stops the growth, which after breaking as resistance now has a support role, additionally works fairly well with the Fibonacci level 38.2% of the total growth moment from the beginning of the year.
