Summary of the session 24/08/2018

The Friday’s session was not a breakthrough on the German trading floor, the DAX rose by 0.23%, however, at the lowest turnover in the whole week. The last 5 sessions brought the index increase by 1.5% to around 12,400 points. The central bankers’ symposium in Jackson Hole is continued, the president of the FED, said that economic growth is likely to continue and the US rate normalization process is right.

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Among the components of the DAX index, the best result was recorded by Covestro, which gained 1.16% and Continental increased by 0.97%. The worst performers were RWE falling just 0.46% and Vonovia lost 0.41%. The total number of growth companies exceeded the number of companies losing on the Stock Exchange in ratio 401 to 281.

DAX Intraday

The index sends positive signals from the morning, the opening was 40 points above the Friday’s closing, thus DAX finally broke out of a tiring several-session consolidation. After 9:00 am, it reaches resistance R2, where as in the case of withdrawal, the support is 12,445 and the upper limit of consolidation remains.

If the scenario of breaking from the rectangle is achieved, the target level is 12 550, where R3 is additionally located. The waypoint is located at 12,390 points, while the weekly pivot is 12,355.

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