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 23/05/2018
A strong rockfall brought yesterday the German stock to below 13,000 points, the index lost 1.47% … the largest one-day drop since March 23, when the market was falling also on the next session. The German PMI index was shrinking for the next month in a row both in the service industry and in production. At WallStreet, after minutes of the FED, the market clearly increased.
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Among the components of the DAX index, the best result was recorded by SAP, which gained only 0.32%, which is the only company in green. The worst performers were Deutsche Lufthansa, which fell 3.74% and Linde lost 3.14%, while Volkswagen was down 2.74%.
The market at yesterday’s session reached the farthest support of S3 at 12,930, the volatility increased strongly as seen on today’s Pivot lines. DAX New Volatility, which measures the implied volatility of DAX options, was up 13.51%, reaching 16.66, a new 1-month high.
For the greater part of the session, the new resistance amounted to 13 thousand points, the market cooled down quickly, returning to the area of the monthly R1 line. This additionally today almost coincides with the support of S1, there I would see a place for speculative purchases. The situation of bulls will improve significantly after defeating the directional point over 1330 points.