DAX is one of the most popular indexes in the world. Listed on the Frankfurt Stock Exchange. Virtually every day there is a very high volatility which gives many trading opportunities.
Session Summary 24.11.2017
Friday’s session ended with a 0.39% increase in the index and the change was unnoticeable throughout the week. In the last two sessions, due to the holiday season in the United States, the turnover fell by almost 1/3, but still we saw some volatility.
On Friday we saw record-breaking data on investment climate in Germany, the index was 117.5 vs. 116.6 (forecast), with revisions up for the previous month. This was another excellent post-PMI data.
DAX Intraday
DAX climbed to the level of 13 150, breaking the 200-hour average, but the increase was not maintained until the end of the session and on the chart formed a long upper shadow. This may be a bit of a surprise, as the SP500 finished the week in excellent spirits at 2600 points.
Today, the opening is with a bearish gap, below the equilibrium level, which was at 13 065. Attempts to approach this area can be used for selling and incoming offers can target Friday’s minima. There is 13k points on the way.
DAX Longterm
Friday’s turn around fits well into the resistance area, where a monthly Pivot runs, it seems that the price for the good is stuck below. The formation of the right arm of the large H&S formation is becoming more and more likely. Negative scenario will lose power with a successful attempt to exit over 13 200.
