Summary of the session 15/08/2018
Yesterday’s session on the German index took place definitely showed the power of supply – the index drop from the last support took place on a large volume and visible pressure. Although the first trading hours did not indicate the possibility of such large movements, breaking the 12,320 support – which was crucial for the whole system from the perspective of the last three trading days – triggered a move of 230 points. In total, the daily candle closed with a movement of 320 points.
DAX intraday
Today’s session will be mainly rebounding the yesterday’s declines. A small gap to the top and the PV daily level test shows a timid attempt to test the power of demand. Nevertheless, for the bearish system, which is unquestionably maintaining the chart below the level of 12,320 – the level that was broken yesterday and which caused a dynamic drop – the downward trend will last.
Only an exit above this level can mean a short-term negation of the downward sequence. Today’s session will, therefore, be under a further bearish sign and each approach to the resistance area, ie 12.230 / 12.300, should be used to attempt to join the trend with the target for descending to the new low.
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Today’s intra support is the level of yesterday’s low 12.120 / 12.100 – then only the daily level S1 12.033. If the trend is going to stay – this level should be a formality today.
Today’s pivot levels: 16.08
R3 = 12.874
R2 = 12.552
R1 = 12.355
P.P = 12,230
S1 = 12.033
S2 = 11.908
S3 = 11.586
