Summary of the session 01/10/2018
The first session of the month was successful for investors in Frankfurt, DAX increased by 0.75% reaching 12,350 points. Monday was characterized by lower turnover on futures, where players rather closed positions, 10,000 contracts less were oppened. Published PMI data for industry did not surprise, reading at 53.7; retail sales were much worse – -0.1% vs. 0.4% forecasted, additionally downward revision of data for the previous month to -1.1%.
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Among the components of the DAX index, the best result was recorded by Fresenius, which gained as much as 8.38%, while Linde increased + 6.23%. The worst performers were ThyssenKrupp AG, dropping 4.51%, while Deutsche Lufthansa lost 1.98%. The total number of growing companies exceeded the number of losers listed on the Frankfurt Stock Exchange by 430 to 270.
The market yesterday morning broke through above the weekly and daily pivot, which caused my attempts to sell were unsuccessful. A certain weakness was the fact that DAX did not reach resistance R1, so it seems that this jump is just a correction. Today, accompanied by a decline on Wall Street, the DAX descends to support S1 – 12,233 while closing the weekend’s gap. At this point, I decided to take long positions with a goal for a daily pivot.
After 9:00 the index is traded below 12 300 points, therefore it is probable that S2 and monthly pivot will be tested 12 170 points. In turn, keeping the gap and returning to the direction point would be an incentive to overcome the yesterday’s peaks.