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 18/05/2018
At the Friday session DAX dropped by 0.29% despite being +0.60% on the weekly scale. We have eight bullish weeks on the index and lack of yesterday’s session did not prevent bulls to set new maxima of the current trend today. On Monday, China and the US agreed to suspend trade tariffs, the trade war is suspended, and the parties are working on new solutions announced the secretary of the treasury Mnuchin.
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Among the components of the DAX index, the best result was recorded by Henkel, which gained 1.77% and Vonovia increased by 0.66%. The worst performers were Bayerische Motoren Werke (BMW), which fell 4.88%, Deutsche Bank lost 1.94% and Deutsche Lufthansa was down 1.83%
Today’s session started with a large bullish gap, but its lion’s share was already closed, so this jump was a gift for bears. It is to what extent the higher opening will be used to expand the drop will turn out within the next hours, but the direction point at 13 085 should be used for rebound. First local support in the S1 region – 13,035 points.
For an upward trend, the level of 13,050 should not be broken, because in connection with a higher opening an Outside bar (OB) can be created.