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.
Friday’s session on the German market was a continuation of 0.86% recovery, after a sharp drop below 200 SMA. Throughout the week, DAX gained 160 pips, but most of the work was done on Wednesday’s rebounding session. The US market has done a better job and has made up the entire fall from two weeks ago.
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Among the components of the DAX index, the best result was recorded by Vonovia, which gained 2.52% and Pro Sieben increase by 1.98%. The worst performer was Linde, falling 0.94%, Munchener Ruck was down 0.33%.
During the last session DAX cooperated nicely with Pivot lines and bounced almost the entire session between them. Today, the opening falls above the directional point and so the sentiment from the end of the week is upheld. After 9:00, however, the gap was covered. At 12,450, we can expect influx of more offers to defend the last confirmed intraday low.
From the point of view of the daily chart, important resistance is a bit higher, 100-150 pips of growth should not scare stock market bears on the trading floor. There, the aforementioned 200 session average and lower limit of the former formation of the megaphone goes on. It is also worth noting the geometry of the market at point 12 475 where is resistance resulting from the 1:1 bullish correction (candle February 6 and Friday’s closure).