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 28/02/2018
Wednesday’s session brought a drop on the German DAX index by 0.44% and it was the second bearish session on the stock, breaking the upward trend line on the daily chart has become a fact. The bulls were not supported by better than expected data from the labor market (-22k vs -1k).
Among the components of the DAX index, the best result was recorded by Deutsche Lufthansa, which gained 1.43% and SAP increased by 0.88%. The worst loss was E.ON, down 2.36%, and Deutsche Bank was down 1.89%.
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DAX Intraday
On Wednesday, the Pivot point worked well, which attracted the price twice, but ultimately the bulls did not succeed in defeating it. It also seems that the level of 12,500 has been lost (yesterday’s retest from below), the rally in the previous week turned out to be a trap for bulls.
Today, after opening, the price goes down below yesterday’s minimum, it seems that the first local support is in the area of S1 and therefore 12,300, the resistance is in zone 12400-12410.
The first session of the month last year was usually a good time to occupy long positions and join the bull market, in this quarter so far this trend fails, does it mean that demand is running out of power?
