As expected DAX session started with bullish gap and it was quite big – 120 pts above Wednesday’s close. However it was at the same time daily high and what’s worse bears deepened low breaking for the moment 9,300 pts level.
Very high volatility on oil which made almost 9% zigzag move (from -3% to +3% and again -3%). Temporarily Chinese stocks aren’t an issue anymore because sentiment is better over there. For few days uncertainty is connected with Wall Street. Also, strengthening of EURUSD is a problem for bulls, on Thursday price managed to stay at 1.1200 level and it seem like 1.1500 can be tested soon. Eventually European indices ended day differently. English FTSE100 +1.06%, French CAC40 +0.04%, German DAX -0.44%.
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18 out of 30 DAX companies lost some value. Daimler published its report and despite that it was optimistic and board even recommended bigger dividend high value of Euro worsened moods. As a result Daimler lost -3.22%, the most on DAX. 12 companies gained yesterday, the most ThyssenKrupp +5.20%, RWE +3.34%. On Friday we will know US job reports and apparently score worse than expectations can help stocks because it will delay rates hike.
Technically on DAX future bulls tried to negate H&S pattern and come back above neck line, but it failed. Final move of H&S happened.
