DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually every day there is very high volatility which gives many trading opportunities.
Session Summary 23.11.2017
Thursday’s session was rather calm after Wednesday’s drops of over one percent and the penultimate session of the week ended with a small 0.05% slump. Despite the initial decline, the 12,900 test was successful and DAX returned to the 13k points and thus defended the low from 3 days before.
At 9:30 am, we saw data on PMI from the corporate sector which were excellent – 62.5pts against the forecast of 60.5pts and also from the service sector, here the result was slightly worse than forecast but still at high levels (3-year maxima).
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DAX Intraday
DAX effectively defends so far the area of 12 850-12 900, which is a good predictor for the end of the week. The local level of support in yesterday’s “low” area is still pivot 12 983. The first resistance is R1 located at 13 065 points, although should be noted yesterday’s peak. First moves with a slight advantage of the bulls.
DAX Longterm
Entry of sellers at 13,200 is clearly visible on the daily interval. In addition, the level of 50% of the dropping impulse from the beginning of the month and the possible “carving” of the right arm of the H&S formation. Very important for growth will be moving away from the low and reducing the upper shadow of the weekly candle. Tips may be weak FRA40 (CAC) and EURUSD.
