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 23/03/2018
The Friday’s session on the German index ended with a drop of 1.77%. This is the second such a strong bearish session, which means that over the whole week, the DAX fell slightly above 4%,and approached to the lows from the beginning of the month.
Among the components of the DAX index, the best result was recorded by Pro Sieben, which gained 0.63%, while E.ON increased by 0.51%. The worst performers were Continental, which fell 3.18%, and BAYER was down 2.88%.
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DAX Intraday
Although the previous DAX week ended close to the minima, the opening on Monday was 100 points higher (for SP500), so irritated bulls are trying to rebound at the beginning of the trade. Such an approach can of course fail, the more so because the price is at the first local resistance of 11,950 and there reacts with a stop and in addition there is zone of the largest volume (interest of players).
On the other hand, it should be noted that the DAX trades above the Pivot directional point, which should support quotes, and with the first test the upward rebound will be more likely.
In the case of breaking the R1 level, another important moment will be 12k points where the sellers on Friday were defeated twice . Alternatively, the hesitation of the bulls at this point will lead to a retest of last week’s minimum and a monthly Pivot (MS1) at 11,750.
