Summary of the session 27/09/2018
Thursday’s session ended with a growth in Frankfurt by 0.40%, the result, however, does not reflect what was happening during the session. First DAX fall to S2 to reach the mirror R2 more than 150 points higher the same day. Yesterday we met only the preliminary CPI m/m, inflation increased by 0.4%, while previously it was 0.1%.
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Among the components of the DAX index, the best result was recorded by ThyssenKrupp, which gained as much as 10.66%; the company announced that it is considering a division into two groups by separating activities not related to the production of steel. Meanwhile, Volkswagen increased by 1.69% and BAYER was above the 1.56% mark. Deutsche Lufthansa was worst – 3.63%, while Covestro lost 3.16%. The total number of growing companies exceeded the number of losing 374 to 323.
The beginning of yesterday’s session was under the pressure of the sellers, the IN-OUT structure was activated, when in the side trend the price will breakout from one side and then it returns quickly, which means a strong probability of testing the other side of the range. Thus, the second test of the September pivot came to an end and once again it is an impassable barrier. Friday’s session also starts with the pressure of sellers, in analogy you can expect upward movement around the noon stage of the session, the more so that today is the last session of the month and possible is so-called. “Window dressing”.
The morning reinforcement test was quickly completed and the DAX returns to the area of the 12.270 directional point, the price is corrected by mid-Thursday impulse. The next support is only 70 points lower at 12,300, along the way there is still POC at 12,315. Resistance R1 that can be booked today is 12,475 points.
Today, players will be watching another change in employment in Germany at 9:55 and also estimates of CPI from the euro zone at 11:00.