Session summary 18.09.2018
The German DAX rose by 0.51% to 12,096 points during the Tuesday session. The futures contract recorded an above-average trading volume, which is related to the expiration of derivatives in just two days. In the U.S., President Trump announced 10% tariffs on Chinese goods, the market expected 20% from the beginning. The new tariffs will come into force next Monday and will be increased to 25% by the end of the year.
Among the components of the DAX index, the best result was recorded by Volkswagen, which gained 2.60%, while ThyssenKrupp increased by 2.26%. The weakest performance was Continental with a drop of 0.73% and Fresenius Medical Care lost 0.72%. The total number of growing companies exceeded the number of losing companies listed on the Frankfurt Stock Exchange with a result of 417 to 267.
DAX Intraday
Yesterday’s fast northward movement did not go unnoticed by the traders, but just before the opening in the U.S. the sellers tried to close the gap, but this art did not work and the minima of the previous day were defended. The level of 12,050 points grows to the rank of strong support and the odds are moving away from the weekly pivot.
Today’s quotations start over directional point 12 140, which should naturally be the first support. Meanwhile, the first local resistance and the weekly R1 in sight at 12,220 points is the half of the decrease from turn August to September. 12 260 and 12 320 are higher.
