Ransquawk

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 10/01/2018

German shares lost on Wednesday and the main DAX index fell by 104.25 points. (-0.78%) finally closing at 13281.34. The local tire specialist, Continental, was the strongest among the blue chips, 3.74%. The next two places were ProSeibenSat 1 and Vonovia, which lost 3.16% and 2.82% respectively.

Commerzbank, Deutsche Bank and the Lufthansa airlines ranked second among the yesterday’s winners, gaining 4,54%, 2,36% and 1,76% respectively. It is worth noting at the same time that Deutsche’s shares belonged to the most-exchanged shares at a turnover of US $ 426.26 million.

 

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In the macroeconomic calendar for January 11, we see publications of industrial production in the euro area and minutes from the December meeting of the ECB. Strong data from Eurozone so far help DAX in 2018 (the index gains YTD 2.2%). If this trend continues today, we should be witnessing another bullish impulse.

Positive fundaments, however, do not reflect the technical layout. DAX prices closed on the daily chart below December’s highs and 13333 level Its re-test from the bottom may be for sellers a signal to deepen the correction after six sessions of uninterrupted increases.

Analyzing the intraday quotes, we can see that the cash market has been opening up since the unsuccessful pivot level test. In recent days DAX clearly respects the PP grid, so it may be a signal suggesting the willingness to decline and test yesterday’s minima.

 

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