Summary of the session 10/08/2018
Last week, we could observe a four-day consolidation between levels of 12555 and 12,700, and breaking the support 12555 on the last day of the week, and then next on 12494. The Friday candle scored almost 300 pips decline, while the weekly candle closed at a significant level of 12,384.
Naga Markets is an investment company licensed by CySEC, offering access to SwipeStox, a social app for traders, where they can share their trading ideas about Forex, stock indices and CFD’s thanks to simple professional investors’ transaction mirroring.
During today’s session, the cash market on the German index opened below the level of 12384 and now fluctuates between it and the level of 12308. Bayer (-8,29%), DT Telekom (-6,45%) and Deutsche are primarily responsible for low opening. Post (-7.50%) and Deutsche Bank (-27.76%). Bayer, with its nearly 9% participation in the GER30 index, is now downgrading after American court ruled that Roundup’s herbicide was causing the gardener’s cancer – and awarded him $ 298 million in damages.
The negative structure of pivot levels favors short positions on today’s session, however, a breakthrough of level 12384 can open the way to a deeper correction. In turn, breaching 12308 can cause the test of 12211, and then 12100, where there is a low from the end of June.