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 30/08/2018

DAX lost on Thursday 0.54% falling at some point to around 12,400 points, thus he lost all of the growth earned by bulls this week on the eve of the end of the month. Meanwhile, EU commissioner Cecilia Malmstroem said that Brussels is ready to withdraw customs duties on all industrial products for the USA.

Among the components of the DAX index, the best result was recorded by Continental, which gained 0.47% and Bayerische Motoren Werke increased by 0.44%. The worst result was Fresenius Medical Care, dropping 3.02% while Covestro was below 1.88%. The total number of losing companies exceeded the number of those gaining on the Frankfurt Stock Exchange from 434 to 267.

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DAX Intraday

The German DAX has been dynamically correcting and in the last session of the month, bears face a chance to deepen the sell-off. The opening of the day fell under the directional point, which means more problems for the owners of German shares and after 9:00 the index is reported at yesterday’s low.

At 12 380, there is the first local support, where I expect to stop and partially unload the positions opened at the opening of the day. A bit lower is the weekly pivot – 12,350. A large deviation of the intraday combined with sell-off may result in the desire to play on rebound at the end of the month (windows dressing).

According to a weekly survey conducted by Xetra, among institutional investors, sentiment fell by 14 points, the percentage of bulls fell by 9%, bears increased by 5%. This translates into 45% of optimists, 34% of pessimists and 21% on standby.

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