Summary of the session 03/09/2018
The German DAX lost 0.14% in the first September session, the course for almost the entire session drew a narrow range of fluctuations and after 17:30 the trade was completely frozen, it was related to the holiday in the USA. Monday’s PMI reading for industry did not surprise and amounted to 55.9 versus 56.1 points.
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Among the components of the DAX index, the best result was recorded by Henkel, which gained 0.91%, while Deutsche Bank increased by 0.76%. The worst result was that Volkswagen dropped 2.06%, while Vonovia lost 1.77%. The total number of losing companies exceeded the number of gaining 378 to 338.
Today, from the morning investors started buying, opening with a bullish gap. Yesterday’s resistance level was quickly broken down and should now serve as support at the earliest opportunity. The price has already been moved to R2 – 12,388 points, where there has been a slowdown. The directional point for today is 12 330, which also includes volume support.
The most important point remains zone 12 515-30, which separates the downward trend from the upward trend. At 11:00 am PPI reading for the euro zone is planned.