The first 15 minutes of Thursday’s session bought an immediate attempt to break above the Monday’s bearish candle (dotted lines on the D1 chart). A swift counterattack of the market’s supply side ended with a false breakout. The whole session was finished without major changes on the German indices – DAX +0,4% (11257 pts), MDAX +0,09% (20564 pts), TECDAX -0,45% (1761 pts), SDAX -0,3% (8900 pts). The biggest losers of DAX30 were – Fresenius Medical -3,99%, Lufthansa -2,84% and K+S -2,41%. The highest gainers of yesterday session: Deutsche Bank +5.25%, Siemens +3.84% and Adidas +2.65%.

When we will take a look at hourly time frame we can see a flag pattern in downtrend – so moving above Monday’s supply candle will not be enough. Demand also has to cope with the 11350pts. level. On the Thursday’s daily chart volume was finally higher  which with longer lower shadow of the candle will be a positive signal for the bulls. Below the daily chart you can see a DTOSC index (D1), which happens to correctly predict the behavior of the index in the next session and at the end of Thursday’s trading hour it gave a purchase signal.

DAX D1
DAX D1
DAX H1
DAX H1
Error, group does not exist! Check your syntax! (ID: 3)