Summary of the session 14/05/2018
The first session of the week ended neutrally, the DAX index lost slightly 0.17%. Similarly on Wall Street where the SP500 got a shortness after establishing a 1-month maximum (2720). In addition, we had stronger common currency, which reached the level close to 1,200.
Among the components of the DAX index, the best result was recorded by Merck, which gained 2.06% and Covestro increased by 0.97%. The worst was the Commerzbank company, falling 1.83% and Deutsche Bank lost 1.49%. Today we will know results of a number of companies, including RWE, ThyssenKrupp and the Allianz insurance giant, where the projected earnings per share are 4.25 euros.
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A fairly low opening in the uptrend may be an opportunity for market bulls to reach the daily pivot at 12,975. It will also be very important if the buyers manage to return to the support lines already broken yesterday around 12,965. The approach for yesterday session maximum (13,025) will result in an inflow of sell offers.
Today’s preliminary data on Germany’s GDP have dropped quite a bit, so realizing profits from long positions may bring prices close to the pivot monthly just below 12,900.