On Thursday DAX started with huge optimism. Session started with 40 pts gain but half an hour later it was on zero and there were further decreases until the end of day. Session’s low was 10,741 pts and it ended eventually on 10,800 pts.
2 German indices gained and 2 lost: DAX -0.29%, MDAX +0.77%, SDAX +0.41%, TECDAX -0.16%. 16 out of 30 DAX companies lost some value, the most: Deutsche Bank -6.88% (bank cancelled dividend for year 2015 and 2016), Lufthansa -8.37% (despite good results in Q3). 14 companies gained, the most Fresenius MC +2.33%, Bayer +2.07%.
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After a month of gains it looks like bulls on DAX are a little tired. As long as index will not fall below 10,500 pts, gains are still more probable. Last 4 candles is a consolidation next to resistance which gives us hope that it will be broke eventually. Today is October’s last trading day, so we can see some “windows dressing”. It is quite common that indices are going up on these days.
