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 22/03/2018
Thursday’s session on the German stock market ended with a drop of 1.7% and the index was again close to 12,000 points. The PMI data from the German economy as well as from the euro zone and the business climate turned out to be weaker. On the trading floors there are echoes of the US interest rate hike, the SP500 index was on the March lows. Fuel to the fire is added by Donald Trump’s restrictive policy.
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Among the components of the DAX index, the best result was recorded by Deutsche Boerse, which gained 0.54%, while Beiersdorf increased by 0.39%. The worst came the company Commerzbank, which fell as much as 6.14%.
DAX Intraday
Yesterday’s attempt to defend in the closing hours of the regular European session failed, DAX at the opening fell below 12,000 points. Bears seem to be controlling the situation because they managed to push the course to the lower limit of the bearish channel, which is strongly inclined downwards. Today’s attempt to defend in the morning ended exactly at 12,000 points.
The first local support point is S1 with 11,890 points, this is also the minimum of the pinbar candle from February 9. If this level is not used for rebound then we can see 11,700. Directional point at 12,080.
