Summary of the session 05/11/2018

Monday’s session was rather calm and in one direction, players had to be satisfied by decrease of 0.21%. The market is probably awaiting the results of the US Congress elections. The rate remained above 11,500 points, but the buyers failed to erase the negative bias of Friday’s candle. The Sentix Index examining the mood among 2,800 investors and analysts in Europe fell to 8.8pts from the previous 11.4 and is the third consecutive month of decline.

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Among the components of the DAX index, the best result was recorded by E.ON, which gained 1.23%, while Fresenius Medical Care increased by 0.98%. The worst result was Infineon Technologies losing 3.88% and Covestro was 2.49% down. The total number of falling companies exceeded the number of growing listed on the stock exchange by 402 to 307.

DAX M15 06.11.18

DAX Intraday

The broad pivot structure at yesterday’s session combined with low volatility did not give the opportunity to enter the market, none of the lines were affected. Today the situation is reversed and the distances between the pivots have become small – the furthest point is lower than the average daily range of 2 weeks. It is worth to watch out for extensions or a strong trend day.

Currently DAX is moving in bearish channel with a slight inclination down, quite well corresponds with it support S1 and weekly pivot (which is most interesting for me) – as the lower limit. If the bears could manage to break down, we could see a move of a range of size of the channel, or an additional 80 points (S3?). Daily pivot is in the middle of the range ~ 11,500 while the first local resistance is 11,540 points. More important, however, may be the zone marked in yellow – 11,555, remaining below the buyer may find it difficult to continue the rebound from the previous week.

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