DAX is one of the most popular indexes in the world. It is listed on the Frankfurt Stock Exchange. Virtually daily there is a very large volatility that gives many trading opportunities.
Summary of the Session 09/04/2018
Monday’s session brought a slight increase of 0.17% in the DAX index, although the bulls’ appetite was decreasing with each passing moment and after a high opening with a gap the market moved back to the area of 12,200 points. This decline materialized after the rebound from the trend line from the daily interval I mentioned yesterday. In the US, the government administration is trying to calm Trump’s rhetoric about the trade war with China.
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Among the components of the DAX index, the best result was recorded by Deutsche Boerse AG, which gained 2.41% and Deutsche Lufthansa increased by 1.21%. The worst performer was Linde, falling by 0.73%, and Daimler was below 0.58%.
Today we are dealing with a similar situation on the market as during the yesterday’s session, i.e. high opening and a violent crossing of the first resistance R1, therefore I expect a similar pattern, i.e. crawling to R2 in the area of 12,450 and attempting a counter (less than yesterday). Directional point quite far, at 12,275, due to yesterday’s low.
With such a strong demand accent in the morning, the DAX index stands above the trend line with D1 despite the rather bearish Monday’s candle, this is a frequent behavior and the next session should verify this jump. At 12,500 points, monthly and 200-dma resistance.