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 17/04/2018
The German DAX had a very successful session on Tuesday, growing by 1.57% on increased volume during this time. Growths also on Wall Street, fueled by good company results (3/4 have so far breached the market consensus). It is worth noting that Dow Jones was on plus this year, and the SP500 did it yesterday, in the case of DAX this art has not worked yet.
Among the components of the DAX index, the best result was achieved by Fresenius, which gained 2.97% and BAYER grew by 2.76%. None of the companies ended the day below the dash.
After breaking from the bearish channel in the form of a flag which I mentioned yesterday, the DAX began marching north, reaching the farthest resistance R3. Interestingly, the distance from the directional point was equal to the average ADR, in other words, yesterday’s moves perfectly fit into the average daily range for DAX, or about 170 points.
We finished the session at the maximum, and today the course is at 12,600 in the morning, while a similar schedule is playing: bullish gap, closure and continuation, its disruption may result in short profit taking. The directional point at 12,550, so at the level of yesterday’s Wall Street opening, local resistance at 12,670. Far behind, the buyers left a month’s resistance pivot (MR1), another only at 12,860.
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