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 08/02/2018
In order to indicate the strongest companies of the German stock exchange during the Thursday session, it would be appropriate to start with RWE, which is losing only 0.29%. None of the DAX components during the yesterday’s trade did close the day on the green side of the market, among the most losing were Infineon (-5.38%), Lufthansa (-5.23%), VW (-3.84%) and Deutsche Post (-3.68%).
Infineon annually gains over 26%, the last month can not be considered as the most successful. After the test of maximum over 25.00 and drawing the formation of a double peak, the price breaks the formation base located at 22.00. The measured range of the formation coincides with the August minimums at 18.57:
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The accumulated decreases of individual companies translated into a 2.62% loss of the main index (330.14 points). The price drawn new monthly minima, testing the lowest levels since the beginning of September. The situation on the DAX30 resembles that from the Infineon chart – here, however, the range of the double summit formation has been realized (and with a vengeance). At this point, short-term support was created on February’s minima around the level of 12100 pts.
Breaking the zones would open the way to the August lows and go down below the psychological barrier of round 12,000 points. In the intraday chart, Friday’s trading starts with a successful test of the current level of support and demand response of the market. At this point, it is worth noting 12,337 points, which is the nearest resistance level.