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 session 08/12/2017
At the last session, the German index can boast with a solid growth of 0.83% and in the whole last week rose by 2.27%. The buyers have managed to cross the level of 13,200 intraday points, which gives grounds for continuing increases in the week of futures expiry.
Among the components of the DAX index, the best result was recorded by Deutsche Bank, which gained 3.29%, while Commerzbank increased by 1.94%. Worst was Deutsche Telekom’s with drop -0.64% and Beiersdorf minus 0.54%
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The Friday’s strong opening was maintained at the end of the week, which makes the bulls take over control but he upper long shadow and the possible attempt to close the gap at 13,100 can bother us a bit.
A little higher is the first local pivot S1 support (13,120). In the case of an attack on the Friday’s candle shadow, level 13 225 seems to be a barrier. After 9:00 the market has stuck to the equilibrium point and is waiting for an impulse.
At the beginning of the new week (expiration of contracts), it is worth paying attention to the shape of a weekly candle, which negates the previous downturn, but it often happens in consolidations, nevertheless worth attention is closing above the monthly pivot.