Summary of the session 20/09/2018
Thursday was a successful day for stock exchange bulls in Frankfurt, the DAX index gained over the entire session at 0.88%. The course has already made up the entire fall in September, the bullish American attitude supports it also, where the SP500 created new ATHs in the pre-market. At the EU summit in Salzburg, without a Brexit resolution, the next meeting will take place in mid-November, but the parties do not rule out a negative solution.
Among the components of the DAX index, the best result was recorded by Continental, which gained 4.02% and in the meantime, the Covestro company increased by 3.77%. The worst result was Merck dropping 0.69% and Deutsche Boerse lost 0.52%. The total number of growing companies exceeded the number of losers listed on the Frankfurt Stock Exchange by 402 to 297.
The index reached the highest level of the R3 pivot yesterday, while the movement itself was fairly confidently run by bulls, preceded by slight downward adjustments. However, today from the morning this trend is preserved, the style resembles a game to one goal, bears pushed to the defensive. The first argument for ursuses may be local resistance R1 and the proximity of 12,400 points.
On the horizon also a monthly pivot combined with R1 creates a strong resistance zone for today 12 425/10. Directional point quite low, slightly above 12 300. Today, we are awaiting the publication of PMI data for industry and services. The September contract expires at 13:00.