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 16/05/2018
The German index gained 0.20%, but it still remains in the range of consolidation, remaining above 13,000 points. On Wall Street also growth, good results from the retail sector support the SP500 index. Data from the German economy on CPI did not surprise, the reading amounted to 0.0% MoM.
Among the components of the DAX index, the best result was recorded by Adidas, which gained 2.65% and Linde increased by 1.57%. The worst came the company Commerzbank, which dropped as much as 5.82% and Deutsche Bank lost 2.68%.
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The upward movement at the close of yesterday’s session is not continued today, quotes are falling below the trend line. Already in the morning the course reached the local S1 support, the attention is drawn by the narrow spacing of the pivot line as a consequence of the narrowing of the volatility of the last days.
In the case of permanent descent below 12,975 points, we can see index at the level S2 – 12 930. Alternatively, the situation of bulls will improve after going above the Pivot directional point, then 13 050 can be the target or upper limitation of the side trend.